French bank BPCE to offer crypto investments
France’s financial giant BPCE will start offering crypto investments to its customers via its crypto subsidiary Hexarq in 2025.
According to The Big Whale, France’s second-largest bank BPCE will enable Bitcoin (BTC) and crypto asset purchases after its subsidiary obtained regulatory approval. Hexarq has received a virtual assets service provider license from the French regulator Autorité des marchés financiers.
The AMF’s regulatory framework allows registered crypto providers to offer cryptocurrency-related services in France. As a registered PSAN, Hexarq has the regulatory authorization to bring crypto services to BPCE customers in the country.
Per The Big Whale, PBCE will leverage a Hexarq app to allow customers in its networks Banque Populaire and Caisse d’Épargne to buy and sell BTC and crypto. The retail banking and insurance provider takes the initiative amid plans to retain customers and compete in the evolving financial markets landscape.
BPCE’s entry into the crypto investment space comes as global adoption of Bitcoin and other cryptocurrencies accelerates.
The bank established its Hexarq subsidiary in 2021, making it the fourth provider and the second bank to receive a PSAN license in France. This follows the AMF’s approval of a PSAN for SG Forge, a subsidiary of French banking giant Société Générale, in August 2023. SG Forge plans to launch a stablecoin on the XRP Ledger.
In recent months, the AMF has intensified its crypto regulation efforts as the country prepares for the full implementation of the European Union’s Markets in Crypto Assets rules. framework. MiCA, a comprehensive cryptocurrency regulation, will go into full effect on December 30, 2024.
France’s increased support for crypto via registered providers recently saw crypto exchange Gemini expand its European presence with official unveiling of operations. However, some industry players have moved to exit as MiCA takes effect.
