New York and the United Kingdom are collaborating in a personnel exchange to strengthen oversight of digital assets and emerging payments.
The New York Department of Financial Services (NYDFS) has unveiled a transatlantic regulatory exchange program, 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 in February, aimed at improving regulatory alignment and sharing expertise.
NYDFS Superintendent Adrienne Harris, who has led the regulator since 2022, highlighted the importance of the global digital asset regulatory harmonization agenda. The department, renowned for its 2015 BitLicense program, sees this partnership as a step toward strengthening crypto oversight.
The UK and US differ significantly in their approaches to digital currencies. The Bank of England continues to explore a central bank digital currency, while the US administration opposes a government-backed digital dollar. With such exchanges, both regulators hope to better understand the challenges of the crypto landscape.
