According to CoinMeta, the Bank Division of the Wyoming Department of Audit and the New York State Department of Financial Services ( NYDFS ) have signed a memorandum of understanding on digital asset regulation cooperation, which applies to entities that are engaged in or apply to engage in digital assets and virtual currency-related business in both states. The two parties will cooperate in areas such as licensing and authorization approval, joint inspections, law enforcement, regulatory frameworks, personnel exchanges, and sharing of non-public information. Institutions that have been licensed or authorized in one state for at least three years and are not under legal proceedings can receive accelerated review if they apply for similar licenses in the other state and their business models are sufficiently similar. Regulators will strive to make a final decision within six months of receiving the application or historical inspection materials. For institutions that are regulated by both states, the parties will coordinate inspection arrangements as much as possible, conduct joint inspections, and share regulatory reports, and will notify each other of potential law enforcement matters and exchange investigation progress.