- Groupe BPCE, a French company, has regulatory clearance to provide cryptocurrency investments with the goal of reaching 35 million users by 2025 through its subsidiary Hexarq.
One of the biggest banking groups in France, BPCE, has been given permission to operate in the cryptocurrency market by the Autorité des Marchés Financiers (AMF), which oversees the country’s financial markets.
Once the AMF, the nation’s financial markets watchdog, has given its regulatory permission, this will be carried out through its subsidiary, Hexarq. It is anticipated that the services would begin in 2025.
By 2025, Groupe BPCE of France plans to integrate cryptocurrency into all of its products
This enables Hexarq to lawfully purchase, sell, and exchange cryptocurrencies against the euro in France as well as provide services like crypto custody. In France, digital asset service providers are governed by the PSAN system.
Forge, a cryptocurrency subsidiary of Société Générale, was approved first in 2023. Deblock SAS and GOin SAS were approved in 2023 and 2022, respectively.
One of the top ten biggest banks in Europe, BPCE, is getting ready to provide cryptocurrency services to its extensive clientele.
By 2025, Hexarq intends to include its cryptocurrency services into Banque Populaire and Caisse d’Épargne, BPCE’s two main banking networks.
Launched in January 2021, Hexarq specializes in digital asset services, such as tokenized real-world assets (RWAs) and cryptocurrencies.
The cryptocurrency platform will employ BPCE’s extensive banking infrastructure and broaden its offers after receiving approval from the AMF.
With a client base of over 35 million and assets worth over €1.3 trillion (about $1.3 trillion), BPCE’s foray into the cryptocurrency market is noteworthy.
These services will be made available by Hexarq via a special app that is connected to the networks of BPCE’s Banque Populaire and Caisse d’Épargne.
Before MiCA’s Complete Rollout, France Leads EU Crypto Regulation
Millions of bank customers will have easy access to digital assets once BPCE’s cryptocurrency services are incorporated into its current networks, if all goes as planned.
Notwithstanding this significant move, BPCE refused to elaborate on the precise schedule or the particular services that would be introduced in 2025.
Being the first significant EU economy to submit applications for licenses as a crypto asset service provider under the MiCA law, France has taken the lead in European crypto regulation.
This action being taken prior to the full implementation of the EU’s MiCA regulations, which are set to go into effect on December 30.
Meanwhile, ongoing regulatory changes are being felt in the French cryptocurrency sector. Bybit and other exchanges are getting ready to stop doing business in France by January 2025.
Furthermore, France’s increasing significance as a center for cryptocurrency activities in Europe was further cemented last month when Gemini, a significant cryptocurrency exchange, announced its entry into the country after obtaining a VASP (Virtual Asset Service Provider) registration.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
