2 minutes reading time (315 words)

Michael Demissie: Cryptocurrencies will stay in the financial industry

Thursday, 09 February 2023

The Confidence of BNY Mellon's Top Manager: Cryptocurrency Interest Unaffected

BNY Mellon's head honcho, Michael Demissie, is confident that the recent dip in the cryptocurrency market won't affect institutional investors' interest in the industry. During a conference held on February 8th, the bank's digital assets leader emphasized that "the crypto industry is not going anywhere." He stated that institutional investors remain actively interested in digital assets.

"We see that clients are extremely interested in a wide variety of digital assets,"
Demissie said.

Interest in a Wide Variety of Digital Assets

Demissie mentioned that BNY Mellon's clients are highly interested in various digital assets. In fact, a survey conducted by the bank in the fall of last year revealed that almost 90% of respondents expressed interest in tokenization and digital assets in general.

"We absolutely need clear regulation rules. We need reliable and responsible industry participants who can offer reliable services and increase investor confidence. It is important to take a responsible approach to work in the field of digital currencies,"
said Demissie.

Regulation is Key

While the industry is booming, Demissie emphasized that the institutional industry requires transparent regulation. He stressed the need for reliable and responsible industry participants to offer dependable services and boost investor confidence. Taking a responsible approach towards digital currencies is crucial.

The Need for Clear Regulation Rules

The head of digital assets at BNY Mellon Corporation reiterated the importance of clear regulation rules. A set of reliable and responsible industry participants is essential to offer trustworthy services that increase investor confidence. A responsible approach is paramount when working with digital currencies.

Conclusion

Despite the dip in the cryptocurrency market, institutional investors remain interested in digital assets. The industry is here to stay, and reliable regulation rules are the key to its continued growth. With responsible industry participants and dependable services, investor confidence in digital currencies will surely increase.