BNY Mellon opens up a crypto unit in Dublin as the Bank of Ireland warns Bitcoin ‘is of great concern’
BNY Mellon, America’s oldest banking institution and the world’s largest custodian bank with $41.7 trillion in assets, is about to offer crypto custody services out of Dublin. The bank that currently operates in 35 countries has announced it has just established a digital hub. Interestingly, the news coincides with a top official of the Irish central banks issues a start warning on cryptocurrencies. The official said people should only buy bitcoin if they’re prepared to lose money.
After it had already announced to enter the cryptocurrency space back in February, BNY Mellon is now surely anticipating a bright future with regards to Bitcoin and other cryptocurrencies by setting up their “Digital Innovation Hub in Dublin”, intended as a custodian for crypto assets,
Custodial services will be provided for a variety of assets including the cryptocurrency with the largest market cap, bitcoin (BTC), non-fungible tokens (NFTs), and central bank digital currencies (CBDCs). Clients will be allowed to hold, transfer and issue these digital assets.
Central Bank of Ireland
Just after BNY Mellon’s announcement, a high-ranking official of the Central Bank of Ireland was interviewed by Bloomberg. Derville Rowland, CBI’s Director-General for Financial Conduct, said that:
“Crypto assets are quite a speculative, unregulated investment.”
She warned that the growing popularity of cryptocurrencies such as Bitcoin is “of great concern” and that people who want to invest in cryptocurrencies have to be “really aware they could lose the whole of that investment.”
Derville Rowland is not the only bank official in the region that has warned against crypto investments. Bank of England Governor Andrew Bailey recently reaffirmed his skepticism about crypto-assets as he considered them “dangerous” to the public.
It is noteworthy that Rowland is preparing to make a move to mainland Europe in July to take over as Chair of the Investment Management Standing Committee at ESMA, the European Securities and Markets Authority.
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Source: igaming
