New York and Wyoming regulators ink virtual currency MoU
The New York State Department of Financial Services (DFS) Acting Superintendent Kaitlin Asrow and the Wyoming Division of Banking Commissioner Jeremiah Bishop today announced a memorandum of understanding (MOU) to facilitate coordinated oversight of entities engaged in virtual currency and digital asset activities in New York and Wyoming.
The New York State Department of Financial Services (NYDFS) and the Wyoming Division of Banking have entered into a Memorandum of Understanding (MOU) to coordinate oversight of crypto companies operating across both states. The agreement, announced on Thursday, covers existing regulated firms and those seeking approval in both jurisdictions.
The collaboration aims to streamline licensing reviews, examinations, and potential enforcement actions while sharing supervisory information, market trend data, and notifications about potential enforcement actions. Companies operating under an existing license for at least three years without enforcement action will benefit from an expedited review process, with the second regulator expected to make a decision within six months.
This MOU connects two states with differing crypto regulation histories – New York's rigorous BitLicense regime and Wyoming's more accommodating approach through crypto-focused laws and regulations.
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- New York, Wyoming regulators sign pact to coordinate crypto oversight cointelegraph.com
