PANews reported on September 30th that according to the Financial Times, Adrienne Harris, head of the New York Department of Financial Services, described the passport program under regulatory cooperation as a "very interesting" opportunity following the UK and US agreement on the "Future Markets" task force. She stated that the crypto market is "borderless," and global regulatory cooperation and unified standards are increasingly important. Earlier this month, US and UK finance officials announced the formation of the task force, chaired by officials from both finance ministries and in consultation with industry executives. The task force is due to submit a report within 180 days, but the report's focus was not detailed. When asked whether this would facilitate access for US and UK cryptocurrency companies to each other's markets, Harris said he couldn't speak for Washington on the outcome of the cooperation, but believed a passport program could be meaningful. The crypto asset industry has been lobbying officials to study this program, which would allow companies licensed in one market to operate in the other without completing the full authorization process. The executive director of the UK Cryptoasset Business Council stated that coordinated regulation could enhance investor protection, reduce compliance costs, and promote market interoperability.PANews reported on September 30th that according to the Financial Times, Adrienne Harris, head of the New York Department of Financial Services, described the passport program under regulatory cooperation as a "very interesting" opportunity following the UK and US agreement on the "Future Markets" task force. She stated that the crypto market is "borderless," and global regulatory cooperation and unified standards are increasingly important. Earlier this month, US and UK finance officials announced the formation of the task force, chaired by officials from both finance ministries and in consultation with industry executives. The task force is due to submit a report within 180 days, but the report's focus was not detailed. When asked whether this would facilitate access for US and UK cryptocurrency companies to each other's markets, Harris said he couldn't speak for Washington on the outcome of the cooperation, but believed a passport program could be meaningful. The crypto asset industry has been lobbying officials to study this program, which would allow companies licensed in one market to operate in the other without completing the full authorization process. The executive director of the UK Cryptoasset Business Council stated that coordinated regulation could enhance investor protection, reduce compliance costs, and promote market interoperability.
New York Department of Financial Services head calls for cryptocurrency passporting with UK
PANews reported on September 30th that according to the Financial Times, Adrienne Harris, head of the New York Department of Financial Services, described the passport program under regulatory cooperation as a "very interesting" opportunity following the UK and US agreement on the "Future Markets" task force. She stated that the crypto market is "borderless," and global regulatory cooperation and unified standards are increasingly important.
Earlier this month, US and UK finance officials announced the formation of the task force, chaired by officials from both finance ministries and in consultation with industry executives. The task force is due to submit a report within 180 days, but the report's focus was not detailed. When asked whether this would facilitate access for US and UK cryptocurrency companies to each other's markets, Harris said he couldn't speak for Washington on the outcome of the cooperation, but believed a passport program could be meaningful. The crypto asset industry has been lobbying officials to study this program, which would allow companies licensed in one market to operate in the other without completing the full authorization process. The executive director of the UK Cryptoasset Business Council stated that coordinated regulation could enhance investor protection, reduce compliance costs, and promote market interoperability.
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