Bank of New York Mellon (BNY Mellon) has revealed that its clients “are absolutely into digital assets.” Emphasizing the need for clear crypto regulation, the bank’s head of digital assets noted: “We need responsible players who can offer reliable services that live up to investor trust.”
BNY Mellon clients are ‘absolutely’ interested in digital assets
Bank of New York Mellon’s head of digital assets, Michael Demissie, told Afore Consulting’s 7th Annual Fintech and Regulation Conference on Wednesday that digital assets are “here to stay,” Reuters reported. The executive was quoted as saying:
What we see is that clients are absolutely interested in digital assets, in general.
Demissie cited a BNY Mellon client survey conducted in October last year that showed more than 90% of clients 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 post conveyed. “It is important that we navigate this space responsibly,” he emphasized, explaining:
We absolutely need regulation and clear rules for the road. We need responsible players who can offer reliable services that live up to the trust of investors.
BNY Mellon was one of the first banks to enter the crypto space. The bank announced in February 2021 that it formed a new digital asset unit to build the industry’s “first multi-asset digital platform.” Roman Regelman, CEO of Asset Servicing and Head of Digital at BNY Mellon, detailed at the time: “BNY Mellon is proud to be the first global bank to announce plans to provide an integrated service for digital assets… Growing demand for assets customer engagement, the maturity of advanced solutions, and improved regulatory clarity present a great opportunity for us to expand our current service offerings into this emerging field.” In September 2021, the bank wrote: “Digital assets have clearly entered the mainstream.”
Last week, the bank appointed Caroline Butler as chief executive of its digital asset division. Regelman commented:
As institutional adoption of digital assets continues to evolve, we are committed to being a trusted service provider to the broader financial ecosystem.
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