CONNECT WITH US
Fintech

Fintech

New York, Wyoming Coordinate Digital Asset Oversight as Regulators Seek Greater Alignment

PYMNTS – Fintech logo

Published on

Add as a preferred source on Google
New York, Wyoming Coordinate Digital Asset Oversight as Regulators Seek Greater Alignment

New York and Wyoming financial regulators have agreed to coordinate oversight of digital asset businesses, creating a framework for faster licensing reviews, joint examinations and enforcement cooperation as authorities confront an industry that operates across jurisdictional boundaries.

Complete the form to unlock this article and enjoy unlimited free access to all PYMNTS content — no additional logins required.

The memorandum of understanding, announced Oct. 1 by the New York State Department of Financial Services and the Wyoming Division of Banking, allows each agency to draw on the other’s supervisory experience. For businesses, the arrangement offers potential efficiencies alongside greater sharing of information about their operations and compliance records, according to the announcement.

The agreement comes as regulators worldwide are working to improve cooperation in the emerging sector while preserving separate regulatory systems. A World Economic Forum report published Wednesday (Oct. 28), developed with Boston Consulting Group, examines developments across 35 jurisdictions and emphasizes regulatory cooperation, common standards and trust across borders as foundations for safe institutional adoption.

“Interstate collaboration is essential for the virtual currency space,” DFS Acting Superintendent Kaitlin Asrow said in announcing the agreement. New York established its BitLicense framework in 2015, giving the department more than a decade of experience supervising virtual currency businesses.

A central feature is expedited application review. A business licensed or chartered by one regulator may qualify for faster review when it has operated under that regulator’s oversight for at least three years and is not under an enforcement action. The agencies must determine that its proposed business models and operations in the two jurisdictions are sufficiently similar.


Source link
Related Topics:Fintech

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We TheMorningPulse.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It's possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.