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Bank of New York Mellon (BNY Mellon) has revealed that customers “are absolutely interested in digital assets.” The bank’s head of digital assets emphasized the need for clear crypto regulation: “We need responsible players who can offer reliable services that live up to investors’ trust.”
Bank of New York Mellon’s head of digital assets Michael Demissie said Wednesday at Afore Consulting’s 7th annual Fintech and Regulation Conference that digital assets are “here to stay,” Reuters reported. The manager was quoted as saying:
What we see is that customers are certainly interested in digital assets, broadly speaking.
Demissie cited a BNY Mellon customer survey conducted last October that showed more than 90% of customers expected to invest in tokenized assets in the near future.
The bank’s head of digital assets added that deeper crypto regulation is required, the publication reported. “It is important that we navigate this space in a responsible way,” he emphasized, elaborating:
We absolutely need clear regulations and rules for the road. We need responsible players who can offer reliable services that live up to investors’ trust.
BNY Mellon was among the first banks to enter the crypto space. The bank announced in February 2021 that it has formed a new digital asset unit to build the industry’s “first multi-asset digital platform”. Roman Regelman, Managing Director of Asset Servicing and Head of Digital at BNY Mellon, said at the time: “BNY Mellon is proud to be the first global bank to announce plans to offer an integrated service for digital assets … Growing demand for digital assets from customers, maturity of advanced solutions and improved regulatory clarity give us a tremendous opportunity to expand our current service offerings into this new field.” In September 2021, the bank wrote: “Digital assets have clearly entered the mainstream.”
Last week, the bank appointed Caroline Butler as managing director of its digital assets division. Regelman commented:
As institutional use of digital assets continues to evolve, we are committed to being a trusted provider of services to the broader financial ecosystem.
What do you think of the statement from Bank of New York Mellon’s head of digital assets? Let us know in the comments section below.
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