BNY Mellon says investors ‘absolutely interested’ in digital assets

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LONDON (Reuters) -Bank of New York Mellon’s head of digital assets Michael Demissie said on Wednesday that digital assets were “here to stay”, citing a 2022 study of the custodian bank’s clients. 

    “What we see is clients are absolutely interested in digital assets, broadly,” BNY Mellon (NYSE:BK)’s Demissie said, speaking on a panel on cryptocurrency at Afore Consulting’s 7th Annual FinTech and Regulation Conference. 

Demissie cited a survey of BNY Mellon clients conducted in October 2022 that found that more than 90% of them expected to invest in tokenised assets in the near future.

Cryptocurrency markets plunged in 2022, as rising interest rates and a series of high-profile collapses at crypto firms made investors cautious.     

Demissie also said that deeper regulation was required. 

    “It’s important that we navigate this space in a responsible way,” Demissie said. 

“We absolutely need clear regulation and rules for the road. We need responsible actors who can offer reliable services that live up to investors trust.”