NY and WY Join Forces to Regulate Crypto Market
New York and Wyoming have joined forces to regulate the cryptocurrency market, signing a memorandum of understanding (MOU) to coordinate their oversight of entities engaged in virtual currency and digital asset activities. The agreement, signed by the New York State Department of Financial Services and the Wyoming Division of Banking, will enable the regulators to draw on each other's expertise and supervisory insights.
The MOU includes licensing and chartering provisions that will streamline applications and coordination of exam schedules, as well as protocols for sharing supervisory reports and market trend data. This will enhance supervision and facilitate responsible innovation in the market, while protecting consumers across their respective jurisdictions.
Kaitlin Asrow, acting superintendent of the New York State Department of Financial Services, said, 'Interstate collaboration is essential for the virtual currency space. This MOU will add to the resources and information available to each regulator, helping to facilitate responsible innovation in the market while protecting consumers across our respective jurisdictions.'
New York and Wyoming have significant experience overseeing digital asset activity, with New York being the first state to put a regulatory framework in place for cryptocurrencies with its BitLicense, and Wyoming launching its own stablecoin, the Frontier Stable Token.