Regulators in New York and the United Kingdom are teaming up to tackle global cryptocurrency oversight.
The New York Department of Financial Services (NYDFS) and the Bank of England (BOE) revealed a new initiative, the Transatlantic Regulatory Exchange (TRE), on January 13, focusing on creating unified standards for digital asset regulation and payment systems.
The TRE program, which starts in February, introduces a staff exchange designed to foster international collaboration. Experts in digital payments, blockchain, and cryptocurrencies will work within each other’s organizations for at least six months, with extensions possible.
Participants aim to return with fresh perspectives to enhance their home institutions’ regulatory frameworks.
NYDFS Superintendent Adrienne Harris underscored the importance of building strong ties between New York and London to support innovation and protect consumers in a connected financial landscape. Sarah Breeden, BOE’s Deputy Governor for Financial Stability, praised the initiative as an opportunity to strengthen financial stability while advancing digital finance.
This partnership marks a significant step toward harmonizing crypto regulations globally, as both institutions pool expertise to address the complexities of the digital economy.
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