French bank BPCE to offer crypto investments

France’s financial giant BPCE will begin offering crypto investments to its customers through its crypto subsidiary Hexarq in 2025.

France’s second-largest bank, BPCE, will allow purchases of Bitcoin (BTC) and crypto assets after its subsidiary receives regulatory approval, according to The Big Whale. Hexarq has received a virtual asset 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 authority to provide crypto services to BPCE customers in the country.

According to The Big Whale, PBCE will leverage a Hexarq app to allow clients on the Banque Populaire and Caisse d’Épargne networks to buy and sell BTC and crypto. The retail banking and insurance provider is taking the initiative amid plans to retain customers and compete in an evolving financial markets environment.

BPCE’s entry into the crypto investment space comes as the global adoption of Bitcoin and other cryptocurrencies is accelerating.

By establishing the Hexarq subsidiary in 2021, the bank became the fourth provider and the second bank to receive a PSAN license in France. This comes after the AMF approved a PSAN for SG Forge, a subsidiary of French banking giant Société Générale, in August 2023. SG Forge plans to launch a stablecoin on XRP Ledger.

In recent months, the AMF has intensified its crypto regulatory efforts as the country prepares for the full implementation of the European Union’s Crypto Asset Market rules. frame. MiCA, a comprehensive cryptocurrency regulation, will come into full force on December 30, 2024.

France’s growing support for crypto through registered providers has recently seen crypto exchange Gemini expand its presence in Europe with official operations. However, some industry players turned to exit with the entry into force of MiCA.