New York Department of Financial Services to Launch Cryptocurrency Expertise Exchange Program with Bank of England

Adrienne Harris, director of the New York Department of Financial Services (NYDFS), announced the Transatlantic Regulatory Exchange (TRE) exchange program to help regulators learn more about how foreign institutions deal with emerging payment and digital asset issues. Harris said in a January 13 notice that the program will start with the exchange of senior staff with digital asset experience between the NYDFS and the Bank of England, which is "critical to regulatory coordination." Exchanges for the TRE program will begin with the Bank of England in February and will last for at least six months. It is understood that the NYDFS is responsible for overseeing cryptocurrency regulation in New York State, where several companies take advantage of the region's business and regulatory environment. The financial regulator implemented the BitLicense program in 2015 and approved projects such as Ripple Labs' RLUSD stablecoin in December last year.