New York and Bank of England collaborate to align global crypto regulations
The New York Department of Financial Services (NYDFS) and the Bank of England (BOE) have launched the Transatlantic Regulatory Exchange (TRE) to harmonize crypto regulations. The initiative promotes collaboration and aligns regulatory approaches for digital assets and payment systems. A staff exchange program will begin in February, allowing senior regulatory staff to share expertise in digital payments and distributed ledger technology. Participants will engage for at least six months, with a possible extension. NYDFS Superintendent Adrienne A. Harris emphasized the importance of this partnership for improving regulatory frameworks and consumer protection. BOE Deputy Governor Sarah Breeden highlighted the initiative's role in enhancing financial stability and supporting innovation in digital finance. The collaboration aims to create a robust regulatory framework for the global financial ecosystem.
