The New York Financial Services Department will launch a cryptocurrency knowledge exchange program with the Bank of England

Adrienne Harris, the head of the New York Department of Financial Services (NYDFS), has announced a "Transatlantic Regulatory Exchange (TRE)" exchange program to help regulators better understand how foreign institutions handle emerging payment and digital asset issues.

In a notice on January 13, Harris said that the program will start with an exchange of senior staff with digital asset experience between NYDFS and the Bank of England, which is "crucial for regulatory coordination". The TRE program's exchanges will begin with the Bank of England in February and last at least six months.

It is understood that NYDFS oversees cryptocurrency regulation in New York State, where several companies take advantage of its business and regulatory environment. This financial regulator implemented the BitLicense program in 2015 and approved projects such as Ripple Labs' RLUSD stablecoin last December.