BPCE Enables BTC and Crypto Purchases for French Customers

Key Points:

• BPCE enables BTC and crypto purchases via its subsidiary Hexarq.
• This move follows Hexarq obtaining a PSAN license from the French Financial Markets Authority (AMF), allowing BPCE to offer crypto services.

BPCE enables BTC and crypto purchases for its 35 million customers, leveraging Hexarq’s PSAN license to expand its presence in the crypto space.

BPCE Enables BTC and Crypto Purchases Through Hexarq

According to The Big Whale, BPCE Groupe, the second-largest bank in France, will allow its 35 million customers to buy and sell Bitcoin and other crypto assets in 2025. This follows the French Financial Markets Authority (AMF) granting a PSAN license to its subsidiary, Hexarq.

The PSAN (Digital Asset Service Provider) license allows Hexarq to offer crypto-related services in France. Through the Hexarq app, BPCE will enable Bitcoin and crypto purchases and sales to customers of its two banking networks: Banque Populaire and Caisse d’Épargne.

This is a strategic move by BPCE to retain customers and compete in an increasingly digital financial market.

Read more: Printemps Crypto Payment Is About to Launch in 20 Stores in France

BPCE Enables BTC and Crypto Purchases, Among Leading French Banks in Crypto Adoption

BPCE established its subsidiary Hexarq in 2021, making it the fourth provider and the second bank to receive a PSAN license in France.

This development comes after the AMF granted a PSAN license to SG Forge, a subsidiary of French banking giant Société Générale, in August 2023. SG Forge plans to launch its EURCV stablecoin on the XRP Ledger in 2025, using the Ripple Custody solution (previously Metaco, acquired by Ripple).

Currently, the AMF is intensifying its crypto regulatory efforts as France prepares to implement the comprehensive MiCA regulation of the European Union (EU), which is expected to take effect on December 30, 2024. The increasing support for crypto in France has encouraged major companies like Gemini to expand their operations in Europe.

However, some businesses have also left the European market as MiCA approaches, such as Bybit. To secure its position as the leading stablecoin issuer in the European region, Tether has partnered with StablR as part of its strategy to promote the adoption of compliant digital assets in this market.