According to a statement released on Jan. 13, the New York Department of Financial Services announced that it had partnered with Bank of England to launch a global regulatory initiative to harmonize crypto regulations.
Transatlantic Regulatory Exchange is a program that promotes collaboration and sharing of expertise in order to align regulations for emerging payment systems and digital assets.
A staff exchange program will be launched in February as part of the TRE. The program allows both organisations to benefit from the experience of senior staff in regulatory affairs.
The program is designed to target professionals who have experience with digital payment technology, distributed ledgers and digital assets. Knowledge sharing across borders will enhance the regulatory abilities.
This exchange will last at least 6 months with the option of extending it up to 1 year, if both parties agree.
Upon completion of their terms, they will return to the respective institutions in order to use their newly gained insights to enhance their regulatory strategies and implement financial technology.
NYDFS Superintendent Adrienne A. Harris highlighted the partnership’s significance, emphasizing its role in improving regulatory frameworks, fostering innovation, and safeguarding consumers.
She noted that strengthening ties between New York and London—the two financial hubs—is crucial for effective collaboration in a globally interconnected financial system.
Sarah Breeden (Deputy Governor at BOE for Financial Stability) expressed excitement for this initiative. She highlighted the benefits of shared learning for bolstering stability in financial matters and supporting innovations in digital payments, finance, and finances.
The collaboration is a reflection of the efforts made by both regulators in addressing the complexity of regulation of digital assets. The NYDFS, BOE and other regulators will pool their knowledge to develop a framework that is robust, secure, promotes innovation and clarifies global financial ecosystem.
Postings: New York UK Crypto, Regulation Author 
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