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

According to Cointelegraph, Adrienne Harris, head of the New York Department of Financial Services (NYDFS), announced the "Transatlantic Regulatory Exchange (TRE)" program to help regulators better understand how foreign institutions handle emerging payment and digital asset issues. Harris stated in a notice on January 13th that the program will begin exchanging senior staff with digital asset experience between NYDFS and the Bank of England, which is "critical for regulatory coordination." The TRE program will begin exchanging information with the Bank of England in February and will last for at least six months. It is understood that NYDFS is responsible for supervising cryptocurrency regulation in New York State, where many companies use the region's business and regulatory environment. In 2015, this financial regulatory agency implemented the BitLicense program and approved Ripple Labs' RLUSD stablecoin project and other projects in December last year.