Outside Source
Key Takeaways
- BPCE plans to offer crypto investment services in 2025 through its subsidiary Hexarq.
- Hexarq is the second bank in France to receive PSAN authorization from the AMF.
Share this article
BPCE, one of France’s largest banks, is preparing to launch Bitcoin and crypto investment services for its customers through its subsidiary Hexarq, following regulatory approval from the AMF, the country’s financial markets watchdog, as reported by The Big Whale. The rollout is anticipated for 2025.
As reported, 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 also become the fourth company and second bank in France to receive this approval, after SG Forge. The license allows Hexarq to hold, buy, sell, and exchange digital assets.
Offering crypto investment is seen as a way to remain competitive and maintain their customer base, a source with knowledge of the matter said.
The French banking group will implement these services through an app developed by Hexarq, targeting customers of its Banque Populaire and Caisse d’Épargne networks. The subsidiary, established in 2021, will spearhead BPCE’s expansion into digital assets after years of maintaining a low profile in the sector.
France has become the first major EU economy to open applications for crypto asset service provider licenses under the Markets in Crypto Assets (MiCA) regulation.
The AMF began accepting applications on July 1, 2024, ahead of the comprehensive MiCA regulations taking effect on December 30, 2024. This proactive approach positions France as a leader in implementing crypto regulatory frameworks within the European Union.
Last month, crypto exchange Gemini announced its launch in France after securing a VASP registration, expanding its European presence and enhancing its strategic positioning within the continent’s robust regulatory environment.
Share this article
This article first appeared at Crypto Briefing
