Wyoming and NYDFS Sign Memorandum of Understanding on Digital Asset Regulatory Cooperation

PANews reported on October 2 that the Wyoming Department of Audit's Division of Banking and the New York State Department of Financial Services (NYDFS) signed a memorandum of understanding on digital asset regulatory cooperation, applicable to entities engaged in or applying to engage in digital asset and virtual currency-related business in both states. The two parties will cooperate on licensing and charter approvals, joint examinations, enforcement, regulatory frameworks, personnel exchanges, and the sharing of non-public information. An institution that has been licensed or chartered in one state for at least three years and is not subject to any enforcement proceeding may receive expedited review if it applies for a similar license in the other state and its business model is sufficiently similar; regulators will strive to make a final decision within six months of the application being submitted or historical examination materials being received. For institutions subject to regulation in both jurisdictions, the two parties will coordinate examination schedules, conduct joint examinations, and share regulatory reports to the greatest extent possible, and will notify each other of potential enforcement matters and exchange investigative progress.