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NYDFS and Bank of England Partner to Strengthen Crypto Oversight

NYDFS and Bank of England Partner to Strengthen Crypto Oversight

The New York Department of Financial Services (NYDFS) has launched a new initiative to collaborate with the Bank of England on improving oversight of digital assets and payment systems.

Known as the Transatlantic Regulatory Exchange, the program will involve a six-month exchange of staff between the two organizations starting in February. The goal is to enhance cooperation and share expertise on regulating the rapidly evolving digital asset sector.

NYDFS Superintendent Adrienne Harris, who has been at the helm since 2022, highlighted the program’s significance in fostering global alignment on crypto regulation.

The NYDFS, known for its pioneering BitLicense framework introduced in 2015, sees this partnership as a critical step toward creating more effective oversight in the digital financial landscape.


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While the UK and the US take different stances on digital currencies—such as the UK’s exploration of a central bank digital currency compared to the US’s hesitance to adopt a digital dollar—this collaboration aims to bridge the gap in regulatory strategies.

By exchanging knowledge and practices, both regulators hope to better address the complexities of the crypto ecosystem and enhance their approach to emerging financial technologies.

Author
Alexander Stefanov

Reporter at CoinsPress

Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.

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