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’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.”