Groupe BPCE Sets the Stage for Crypto Revolution in France

Hexarq Secures AMF Approval, Aiming for 35 Million Customers

France's Groupe BPCE, one of Europe's largest banking groups, is poised to transform its financial offerings by integrating cryptocurrency services for its 35 million customers. Following regulatory approval from the Autorité des Marchés Financiers (AMF), BPCE’s subsidiary, Hexarq, will enable seamless crypto investments starting in 2025. This milestone positions BPCE as a key player in Europe’s evolving crypto landscape, leveraging its vast infrastructure and expertise to bridge traditional banking with the digital asset economy.

Hexarq’s approval under the AMF’s PSAN framework allows it to provide essential services like crypto custody, trading, and transactions in euros within a compliant and regulated environment. This designation, known as the “Prestataire de Services sur Actifs Numériques,” is a rigorous standard that has so far been granted to only three other companies in France. Société Générale’s Forge led the charge in 2023, with Deblock SAS and GOin SAS following suit earlier. Hexarq now joins this elite cohort, further validating BPCE’s strategic entry into the crypto sector.

The initiative reflects BPCE’s ambition to integrate crypto offerings into its flagship networks, Banque Populaire and Caisse d’Épargne. Hexarq, established in January 2021 and focused on digital assets, plans to launch a dedicated app for its crypto services. Customers will access these through BPCE’s existing banking systems, enabling straightforward management of cryptocurrencies and tokenized real-world assets (RWAs). This innovation is backed by BPCE’s robust financial foundation, managing assets valued at approximately €1.3 trillion ($1.3 trillion).

As France cements its leadership in crypto regulation ahead of the European Union’s Markets in Crypto-Assets (MiCA) framework, BPCE’s efforts align with the nation’s forward-thinking stance. The AMF has been proactive in fostering a regulated crypto ecosystem, having opened CASP (Crypto Asset Service Provider) license applications in August 2024, well ahead of MiCA’s enforcement on December 30. While this regulatory clarity has attracted major players like Gemini, which recently expanded into France, it has also led to challenges for others, including Bybit, which plans to exit the market by January 2025.

BPCE’s announcement underscores the transformative potential of regulated crypto adoption in Europe. By aligning with AMF standards and leveraging its substantial customer base, the banking giant is set to offer an innovative gateway to digital assets. As the industry awaits more details about the specific services to be launched in 2025, BPCE’s move signals a significant step forward for cryptocurrency integration within traditional banking frameworks.

This article has been refined and enhanced by ChatGPT.