The New York Department of Financial Services and the Wyoming Division of Banking announced a memorandum of understanding that would allow the two agencies to coordinate examinations and enforcement actions of cryptocurrency firms licensed and operating in the two states.

The agreement announced Thursday shows the value of state charters for cryptocurrency firms, Wyoming Banking Commissioner Jeremiah Bishop said in a statement. “This MOU shows the strength of the state regulatory system as an example of two leading regulators in this space working together to better the effectiveness in supervision,” he said.

New York introduced its BitLicense — the first …