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Hang Seng Bank Acknowledges Need for Crypto Amid Anticipation of US Interest Rate Increase

The global market is closely watching the US Federal Reserve's interest rate meeting this week, with expectations high for a potential increase. Hang Seng Bank's Director of Commercial Banking, Lin Yansheng, predicts that interest rates will rise but only temporarily. The bank has recognized the need for crypto and has outlined rules for virtual asset businesses to operate, allowing them to open standard banking accounts with an AIP license from the Securities Regulatory Commission. Yansheng acknowledges that Hong Kong's high-interest rates have slowed loan growth, but he expects interest rate cuts next year to improve the situation.

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