New York and Wyoming Join Forces to Regulate Crypto Market

New York and Wyoming agreed to coordinate their oversight of entities engaged in virtual currency and digital asset activities in the two states, according to a Thursday (Oct. 1) press release.

The agreement was established by a memorandum of understanding (MOU) signed by the New York State Department of Financial Services and the Wyoming Division of Banking, according to the release.

The agreement will enable the regulators to draw on each other’s expertise and supervisory insights, formalize coordination and strengthen the relationships between the two states, the release said.

The agreement includes licensing and chartering provisions that will streamline applications, coordination of exam schedules and future joint examinations of entities operating in both states that will enhance supervision, and protocols for sharing supervisory reports, market trend data and notifications regarding potential enforcement actions, per the release.

Kaitlin Asrow, acting superintendent of the New York State Department of Financial Services, said in the release: “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.”