Bank of New York Mellon says digital assets to stay

Bank of New York Mellon says digital assets to stay

A woman walks past a Bank of New York Mellon office in Brussels.

LONDON Reuters-Bank of New York Mellon head of digital assets Michael Demissie said on Wednesday that digital assets were here to stay citing a 2022 study of the bank's clients.

BNY Mellon's Demissie said clients are absolutely interested in digital assets, and that's why they spoke at Afore Consulting's 7th Annual FinTech and Regulation Conference.

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

In 2022, the markets ofcryptocurrencies plunged as rising interest rates and a series of high-profile collapses made investors cautious.

Demissie said more regulation was needed.

Demissie said it is important that we navigate this space in a responsible way.

We need to have clear rules for the road. We need to have reliable actors who live up to the trust of investors.