As a seasoned researcher who has witnessed the evolution of financial markets over the past few decades, I find BPCE’s entry into the crypto investment space a significant development that underscores the growing acceptance and mainstream adoption of cryptocurrencies globally.
In simple terms, starting from the year 2025, the prominent French banking group BPCE plans to enable its clients to invest in cryptocurrencies through its crypto-focused affiliate, Hexarq.
As reported by The Big Whale, it appears that France’s second-largest bank, BPCE, will soon facilitate Bitcoin (BTC) and other crypto asset purchases. This is possible due to the fact that one of its subsidiaries, Hexarq, has been granted a virtual assets service provider license by the French financial regulator, Autorité des marchés financiers.
In simple terms, the regulatory system set by the AMF permits approved crypto companies to provide digital currency-based services within France. Specifically, as a registered PSAN, Hexarq is legally allowed to offer these crypto services to customers of BPCE bank in the country.
As a researcher, I am excited to share that our institution, The Big Whale, is planning to utilize the Hexarq app for our esteemed clients within Banque Populaire and Caisse d’Épargne networks. This innovative move will enable them to buy, sell, and interact with Bitcoin (BTC) and other cryptocurrencies directly. Our aim in taking this initiative is twofold: to maintain customer loyalty and remain competitive as we navigate the rapidly evolving financial markets landscape.
The move by BPCE to venture into cryptocurrency investments is happening as the worldwide use of Bitcoin and other digital currencies experiences an increase in speed.
In 2021, the bank set up its Hexarq affiliate, becoming the fourth provider and the second bank in France to receive a PSAN license. This approval came after the French financial authority, the AMF, granted a PSAN for SG Forge, a Société Générale subsidiary, in August 2023. SG Forge intends to introduce a stablecoin on the XRP Ledger platform.
Over the past few months, the AMF has stepped up its efforts to regulate cryptocurrencies, with the aim of fully enforcing the European Union’s Markets in Crypto Assets (MiCA) regulations by December 30, 2024. MiCA is a broad regulatory framework for cryptocurrencies that will be implemented across the EU.
Recently, France has boosted its backing for cryptocurrencies through licensed providers, which has led Gemini, a well-known crypto exchange, to broaden its European influence by officially launching operations. Yet, certain figures in the sector are choosing to withdraw their presence as the Markets in Crypto Assets (MiCA) regulation comes into force.
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2024-12-20 17:34