France’s BPCE to Launch Crypto Investment Services in 2025 with Hexarq
According to the latest developments, France’s fifth-largest bank, the €863 billion BPCE Group, is preparing to launch Bitcoin and cryptocurrency investment services for its clients in 2025.
The program will be deployed through its cryptocurrency subsidiary Hexarq after receiving regulatory approval from the country’s financial markets regulator AMF. The bank will reportedly launch services within the Banque Populaire and Caisse d’Épargne networks from 2025 big whale.
It is worth noting that Hexarq recently obtained PSAN (Prestataire de Services sur Actifs Numériques – Virtual Asset Service Provider) authorization, allowing it to operate legally in the French digital asset market. PSAN authorization is a regulatory framework established in France to supervise digital asset service providers.
BPCE will provide encryption services through Hexarq application
Hexarq becomes the fourth company and second bank in France to receive this approval, after SG Forge. The license grants Hexarq the right to hold, buy, sell and exchange digital assets.
The French banking group will offer these services to customers of its Banque Populaire and Caisse d’Épargne networks through an app developed by Hexarq. The subsidiary, established in 2021, will lead BPCE’s expansion into digital assets after years of keeping a low profile in the space. It is worth noting that BPCE Group is one of the ten largest banks in Europe.
France makes history
France has made history by becoming the first major EU economy to open crypto asset service provider license applications under the groundbreaking Market in Crypto-Assets (MiCA) regulation.
The AMF will begin accepting applications on July 1, 2024, ahead of the MiCA regulations coming into force on December 30, 2024. This proactive approach has made France a leader in implementing a regulatory framework for cryptocurrencies within the EU.
A bank insider explained that through this service, BPCE will be able to retain the assets of customers who have switched to the trading platform and attract new customers. BPCE’s investment banking arm, Natixis, is not currently involved in cryptocurrency initiatives and will focus on market infrastructure and tokenization of financial assets. Notably, Natixis participated in the Caisse des Dépôts’ €100 million bond issuance on the blockchain in November.
