French banking giant to launch Bitcoin and crypto investment services for customers in 2025

Share this article

BPCE, one of France’s largest banks, is set to launch Bitcoin and crypto investment services for its clients through its subsidiary Hexarq, following regulatory approval from the financial markets watchdog AMF of the country, as reported by The Big Whale. Deployment is planned for 2025.

As noted, Hexarq recently obtained PSAN (Virtual Asset Service Provider) approval, which allows it to legally operate in the French digital asset market. PSAN authorization is a regulatory framework established in France to regulate digital asset service providers.

Hexarq also becomes the fourth company and the second bank in France to receive this approval, after SG Forge. The license allows Hexarq to hold, buy, sell and trade digital assets.

Offering crypto investments is seen as a way to stay competitive and maintain its customer base, a source with knowledge of the matter said.

The French banking group will implement these services through an application developed by Hexarq, intended for customers of its Banque Populaire and Caisse d’Épargne networks. The subsidiary, created in 2021, will spearhead BPCE’s development in digital assets after years of discretion 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 global MiCA regulation which will come into force on December 30, 2024. This proactive approach positions France as a leader in the implementation of crypto regulatory frameworks within of the European Union.

Last month, crypto exchange Gemini announced its launch in France after obtaining a VASP registration, expanding its European presence and strengthening its strategic positioning in the continent’s robust regulatory environment.

Share this article