New York Department of Financial Services launches crypto expertise exchange program with Bank of England

The New York Department of Financial Services (NYDFS) has announced a cryptocurrency exchange program with the UK central bank.
Harris also spoke about setting up a Transatlantic Regulatory Exchange (TRE) project to learn how foreign institutions handle issues related to emerging payment methods and digital assets.
Through the TRE program, the NYDFS will be able to exchange advanced staff with experience in the digital asset sector with the Bank of England.
The TRE program with the Bank of England is expected to begin in February and run for at least six months.
"I look forward to furthering my knowledge of financial services, especially digital asset regulation, upon my return to the company."
The NYDFS oversees cryptocurrency regulation in New York State and regulates the business and regulatory environment in the region.
It serves as the home base for many companies that use the internet. In 2015, the BitLicense system was introduced, and in December 2023, Ripple
This financial regulator also approved Labs' RLUSD stablecoin project.
In the UK, institutions such as the UK Central Bank are weighing their approach to regulating digital assets.
The regulatory arm of the central bank, Prudential Regulation
Authority is a leading provider of cryptocurrency investment services.
It plans to monitor and propose rules on digital assets.