BNY Mellon Speaks Up For Digital Assets

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BNY Mellon

US banking major BNY Mellon has spoken up for the durability of digital assets and said that cryptocurrencies are “here to stay.” The head of the Bank of New York Mellon said that digital assets would endure and would continue to catch the attention of investors.

Michael Demissie, the advanced solutions head at the BNY Mellon on Wednesday said that the digital assets would continue to endure and cited a 2022 study made by the clients of the custodian bank.

Demissie said that what people are witnessing is that clients are still extremely interested in digital assets despite the recent setback and the bear run. The BNY Mellon head was speaking at a cryptocurrency panel at the seventh annual FinTech and Regulation Conference at Afore Consulting. The BNY Mellon head spoke of a survey of the clients of BNY Mellon that was conducted last October. The survey found that over 90% of the clients expected to invest in tokenized assets in the future.

BNY Mellon Head Speaks Of More Stringent Regulatory Backing

The crypto market witnessed a crash in 2022 while the relentless rise in interest rates interspersed by several high-stakes collapses pushed away investors from the crypto market.

Demissie also contends that a more thorough regulatory backing was required and the stakeholders continued to navigate the crypto space more responsibly. The bank’s head said that there was a need for clean regulations and rules that would manage the crypto market.

For that, there would be a need for more responsible actors, capable of offering reliable services that would strengthen the trust of investors and bring them back into the cryptocurrency fold. Demissie said that the bulk of BNY Mellon clients continues to be deeply interested in investing in digital assets despite the recent meltdown.