BNY Mellon Executive Says Crypto Assets Are ‘Here To Stay,’ With High Level of Investor Interest: Report

An executive of Bank of New York Mellon reportedly thinks that crypto assets are for the long haul based on a study that the bank commissioned last year.

According to Reuters, BNY Mellon’s head of advanced solutions Michael Demissie says that the study conducted in October 2022 indicates that digital assets are here to stay.

The survey, which polled 271 institutional investors, shows that 91% of the respondents are interested in putting their money into tokenized products and 70% would increase their engagement with digital assets if trusted and recognized institutions provide services like custody and execution.

The study also shows that despite the bear market, 88% of those surveyed are still moving forward with their plans around digital assets, despite investors seeing massive losses during crypto winter with Bitcoin (BTC) shedding 75% of its all-time high price.

Says Demissie on a panel on cryptocurrency at Afore Consulting’s 7th Annual FinTech and Regulation Conference,

“What we see is clients are absolutely interested in digital assets, broadly.”

He says the crypto space needs to be regulated going forward.

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

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