NYDFS teams with Bank of England on crypto regulation
New York and the UK are collaborating on a staff exchange to strengthen oversight of digital assets and emerging payments.
The New York Department of Financial Services (NYDFS) has unveiled a Transatlantic Regulatory Exchange programme, fostering collaboration with the Bank of England to advance oversight of digital assets and emerging payment systems. This initiative will facilitate a six-month staff exchange starting February, aiming to enhance regulatory alignment and share expertise.
NYDFS Superintendent Adrienne Harris, who has led the regulator since 2022, emphasised the importance of the programme for global harmonisation in digital asset regulation. The department, renowned for its 2015 BitLicense scheme, views this partnership as a step towards strengthening crypto oversight.
The UK and US differ significantly in their approaches to digital currencies. The Bank of England continues exploring a central bank digital currency, while the US administration resists a government-backed digital dollar. With such exchanges, both regulators hope to gain deeper insights into navigating the challenges of the crypto landscape.
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