Key Takeaways
- BPCE plans to offer crypto investment services in 2025 through its Hexarq subsidiary.
- Hexarq is the second bank in France to receive a PSAN license from the AMF.
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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 markets watchdog the country's finances, as reported by The Big Whale. Release is expected for 2025.
As reported, Hexarq recently received a PSAN license (Prestataire de Services sur Actifs Numériques – Virtual Asset Service Provider), which allows it to operate legally within the French digital asset market. The PSAN license is a regulatory framework established in France to oversee digital asset service providers.
Hexarq has also become the fourth company and the second bank in France to receive this license, after SG Forge. The license allows Hexarq to hold, buy, sell and exchange digital assets.
Offering crypto investment is seen as a way to stay competitive and maintain the customer base, said a source familiar with the matter.
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 keeping 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 accept applications on July 1, 2024, ahead of the comprehensive MiCA regulations that came into force on December 30, 2024. This proactive approach positions France as a leader in the implementation of crypto regulatory frameworks in terms of within the European Union.
Last month, crypto exchange Gemini announced its launch in France after receiving VASP registration, expanding its European presence and enhancing its strategic position within a strong regulatory environment in a continent
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