In a latest development, France’s 5th largest bank, the €863 billion BPCE Group, is gearing up to launch Bitcoin and crypto investment services for its customers in 2025.
The initiative will be deployed through its crypto subsidiary Hexarq, following regulatory approval from the AMF, the country’s financial markets watchdog. It will launch its services within the Banque Populaire and Caisse d’Épargne networks from 2025, as reported by The Big Whale.
Notably, Hexarq recently obtained PSAN (Prestataire de Services sur Actifs Numériques – Virtual Asset Service Provider) authorization, which allows it to operate legally within France’s digital asset market. PSAN authorization is a regulatory framework established in France to oversee digital asset service providers.
Hexarq has become the fourth company and the second bank in France to obtain this approval, following SG Forge. The license grants Hexarq the authority to hold, buy, sell, and exchange digital assets.
The French banking group will offer these services through an app developed by Hexarq, aimed at customers of its Banque Populaire and Caisse d’Épargne networks. Established in 2021, the subsidiary will lead BPCE’s expansion into digital assets after remaining low-profile in the sector for years. Notably, the BPCE group is among the 10 largest banks in Europe.
France has made history as the first major EU economy to open applications for crypto asset service provider licenses under the groundbreaking Markets in Crypto Assets (MiCA) regulation.
The AMF started accepting applications on July 1, 2024, ahead of the MiCA regulations set to take effect on December 30, 2024. This proactive approach positions France as a leader in implementing crypto regulatory frameworks within the European Union.
A bank insider explained that with this service, BPCE will be able to retain assets from clients switching to exchange platforms and also attract new customers. Natixis, BPCE’s investment banking arm, is not currently part of the cryptocurrency initiative and will focus on market infrastructure and financial asset tokenization. Notably, Natixis took part in the issuance of a 100 million euro bond on the blockchain by Caisse des Dépôts in November.
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