Bank of New York Mellon: ‘Clients Are Absolutely Interested in Digital Assets’

Bank of New York Mellon (BNY Mellon) said its clients are “absolutely interested in digital assets.” Emphasizing the need for clear regulation of cryptocurrencies, the head of the bank’s digital assets department noted: “We need responsible participants who can offer reliable services that justify the trust of investors.”

BNY Mellon clients are ‘absolutely’ interested in digital assets

Bank of New York Mellon head of digital assets Michael Demissi told Afore Consulting’s 7th annual fintech and regulation conference Wednesday that digital assets are “here to stay,” according to Reuters. The executive director was quoted as saying:

We see that clients in general are absolutely interested in digital assets.

DeMissy cited a BNY Mellon customer survey from last October that showed that more than 90% of customers expect to invest in tokenized assets in the near future.

The bank’s head of digital assets added that deeper regulation of cryptocurrencies is required, the publication reports. “It is important that we approach this space responsibly,” he stressed, adding:

We absolutely need clear regulations and rules of the road. We need responsible participants who can offer reliable services that justify the trust of investors.

BNY Mellon was one of the first banks to enter the crypto space. In February 2021, the bank announced the creation of a new Digital Assets division to create “the industry’s first multi-asset digital platform.” Roman Regelman, CEO of Asset Services and Head of Digital at BNY Mellon, elaborated at the time: “BNY Mellon is proud to be the first global bank to announce plans to provide integrated services for digital assets… Increasing customer demand for digital assets, the maturity of advanced solutions and increased regulatory clarity present a huge opportunity for us to expand our current service offerings in this new area.” In September 2021, the bank wrote: “Digital assets have clearly entered the mainstream.”

Last week, the bank appointed Caroline Butler as CEO of its Digital Assets division. Regelman commented:

As the institutional adoption of digital assets continues to evolve, we aim to be a trusted service provider to the wider financial ecosystem.

What do you think about the statement of the head of digital assets of Bank of New York Mellon? Let us know in the comments below.

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