New York and Wyoming Simplify Digital Asset Licensing Process and Establish Joint Supervision System

New York and Wyoming are simplifying the licensing process for digital asset companies and establishing a joint supervision system. The New York State Department of Financial Services (NYDFS) and the Wyoming Division of Banking have signed a memorandum of understanding (MOU) for cooperation in the licensing and supervision of digital asset companies. The agreement applies to the licensing of banks and trust companies in both states and New York's BitLicense. The two parties will share information on licensing reviews and inspections of companies, coordinate supervisory tasks, and expedite reviews for companies with no regulatory violations for at least three years. The regulatory authorities aim to make licensing decisions within six months. New York introduced the BitLicense in 2015, while Wyoming established a legal framework for digital asset banks in 2019. This cooperation is related to the federal government's expansion of digital asset licensing, with the OCC approving at least 13 national trust company licenses related to digital asset companies. Traditional banks are opposing the idea of digital asset companies receiving federal licenses without bearing the same regulatory burdens as existing banks. OCC Chairman Jonathan Gould is expected to announce final regulations for the implementation of the GENIUS Act before the end of October.

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