PANews reported on January 14 that according to Cryptoslate, the New York Department of Financial Services (NYDFS) announced on January 13 that it would cooperate with the Bank of England to launch an international regulatory program aimed at coordinating cryptocurrency regulation. The program, called the Transatlantic Regulatory Exchange (TRE), aims to promote cooperation, share expertise and coordinate regulatory approaches for digital assets and emerging payment systems.

The TRE involves a staff exchange program that will begin in February. The program enables both organizations to leverage the expertise of their senior regulatory staff. The program is specifically targeted at experienced professionals in digital payments, distributed ledger technologies and digital assets, promoting cross-border knowledge sharing to enhance regulatory capabilities. Participants will participate in the exchange for a minimum of six months, with the option to extend to one year, subject to mutual agreement. At the end of their term, the appointees will return to their respective institutions to implement their new insights and strengthen regulatory strategies for fintech.

New York State Department of Financial Services Superintendent Adrienne A. Harris stressed the importance of this collaboration and its role in improving the regulatory framework, promoting innovation and protecting consumers. She noted that strengthening the connection between the two major financial centers of New York and London is essential for the effective cooperation of the globally interconnected financial system.