Wyoming Audit Department's Banking Division signs memorandum of cooperation with NYDFS on digital asset regulation

The Banking Division of the Wyoming Audit Department has signed a memorandum of understanding on digital asset regulatory cooperation with NYDFS, which applies to entities engaged in or applying to engage in digital asset and virtual currency related businesses in both states. Both parties will cooperate on license and franchise approval, joint inspection, law enforcement, regulatory framework, personnel exchange, and non-public information sharing. Institutions that have been licensed or licensed by one party for at least 3 years and are not in enforcement proceedings can receive accelerated review when applying for similar licenses in another state, and regulators strive to make a decision within 6 months. Both parties will coordinate inspection arrangements, conduct joint inspections, and share regulatory reports, and notify and exchange investigation progress on potential law enforcement matters.