The New York State Department of Financial Services (DFS), the state’s financial regulator, has signed a MOU with the Wyoming Division of Banking.
The agreement sets up coordinated supervision of firms carrying out virtual currency and digital asset activities across both states.
The deal was announced by DFS acting superintendent Kaitlin Asrow and Wyoming Division of Banking commissioner Jeremiah Bishop. It brings together two states with long experience regulating the digital asset sector. Under the MOU, each regulator can use the other’s knowledge and supervisory findings. The agreement turns cooperation into a formal arrangement and deepens ties between the two authorities.
On licensing and chartering, the MOU covers two groups of firms. The first is businesses that already hold a licence or charter in one state. The second is firms seeking approval in both states at once. To make applications quicker and simpler, the two regulators will exchange their analysis, subject matter reviews and past examination records.
The agreement also changes how ongoing supervision works. The regulators will align their examination timetables and aim to carry out joint examinations of firms active in both jurisdictions. They have also agreed protocols for exchanging supervisory reports, data on market trends and advance notice of possible enforcement action.
DFS describes itself as a global leader in digital asset regulation. In 2015 it introduced the BitLicense, the first comprehensive regulatory regime for virtual currency in the United States. Firms regulated in New York must meet strict supervisory standards. These standards aim to protect consumers, secure financial markets and keep the wider financial system safe and sound.
DFS acting superintendent Kaitlin Asrow said, “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.”
Wyoming Division of Banking commissioner Jeremiah Bishop said, “This MOU shows the strength of the state regulatory system as an example of two leading regulators in this space working together to better the effectiveness in supervision.”
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