Hong Kong's Largest Bank To Support Crypto, But There's A Catch
And because of the rising concerns, the bank acknowledges the need for crypto. The bank has outlined the rules by which virtual asset businesses must operate. These businesses can open standard banking accounts once they obtain an Approval-in-Principle (AIP) license from the Securities Regulatory Commission, according to the bank’s announcement. advertisement More Interest Rate Hikes Yansheng acknowledges that Hong Kong ’s current high-interest rates, in contrast to those of the mainland and neighboring regions, have triggered a slowdown in the overall demand for bank loans. He anticipates that loan growth will face pressure this year. However, he also offers a glimmer of hope, stating, “It will not wait long before reducing it.” He indicates that next year’s expected interest rate cuts could prompt an improvement in loan growth. The Hong Kong Monetary Authority’s latest statistics reveal that annualized loan growth has been n...
