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BPCE plans to offer cryptocurrency investment services through its subsidiary Hexarq in 2025. Hexarq is the second bank in France to receive PSAN authorization from the AMF.
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BPCE, one of France's largest banks, is preparing to launch Bitcoin and crypto investment services for customers through its subsidiary Hexarq, following regulatory approval from the country's financial market watchdog AMF. Big Whale reported that. Implementation is expected in 2025.
As reported, Hexarq recently received PSAN (Prestataire de Services sur Actifs Numériques – Virtual Asset Service Provider) authorization, allowing it to legally operate within the French digital asset market. PSAN authorization is a regulatory framework established in France to supervise digital asset service providers.
Hexarq became the fourth company and second bank in France to receive this approval, following SG Forge. This license allows Hexarq to hold, buy, sell, and exchange digital assets.
Offering cryptocurrency investments is seen as a way to remain competitive and retain its customer base, according to people familiar with the matter.
The French banking group will implement these services through an app developed by Hexarq for customers of the Banque Populaire and Caisse d'Épargne networks. The subsidiary, established in 2021, will spearhead BPCE's expansion into digital assets after years of maintaining its profile in the field.
France is the first major EU economy to begin applying for a crypto asset service provider license under the Market in Crypto Assets (MiCA) Regulation.
AMF began accepting applications on July 1, 2024, ahead of the comprehensive MiCA regulation that will come into effect on December 30, 2024. This proactive approach will position France as a leader in implementing a cryptocurrency regulatory framework within the European Union.
Last month, cryptocurrency exchange Gemini announced its launch in France after securing VASP registration, expanding its presence in Europe and strengthening its strategic position within the continent’s strong regulatory environment. .
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