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The New York Department of Financial Services (NYDFS) has joined forces with the Bank of England (BOE) to introduce the Transatlantic Regulatory Exchange (TRE). This innovative partnership aims to synchronize global crypto regulations, fostering innovation while enhancing consumer protection in the digital asset space. The TRE will facilitate a staff exchange program starting in February, allowing regulatory experts from both organizations to share insights and strategies.
Through this initiative, seasoned professionals in digital payments and distributed ledger technology will participate in cross-border knowledge sharing. This collaboration will last up to a year, with the potential to extend, ensuring a profound integration of regulatory expertise. Participants will then reintegrate into their respective agencies, equipped to implement advanced regulatory frameworks that address the nuances of emerging financial technologies.
Sarah Breeden from BOE and NYDFS Superintendent Adrienne A. Harris have expressed their enthusiasm for the TRE’s potential to bolster financial stability and regulatory clarity across the financial sector. This initiative underscores the commitment of both New York and London to leading the charge in creating a safe, innovative, and transparent global financial ecosystem.
