BPCE to launch crypto investments in 2025 through Hexarq, its subsidiary, after receiving PSAN approval from France’s financial regulator.
French bank BPCE is preparing to offer crypto investments starting in 2025. The bank will do this through its subsidiary, Hexarq. Hexarq recently received approval from France’s financial regulator, the Autorité des marchés financiers (AMF). Hexarq can now act as a digital asset service provider under the PSAN (Digital Asset Service Provider) registration.
French bank BPCE is planning for crypto investments by 2025. Through its subsidiary Hexarq, it will do so. Hexarq recently received approval by the French financial regulator, Autorité des marchés financiers (AMF). This approval means that Hexarq can become a Digital Asset Service Provider (PSAN).
Banque Populaire and Caisse d’Épargne will be the first to roll out Hexarq’s services. People will be able to buy, sell, and store cryptocurrencies. This is a big deal for BPCE as, until now, it has remained low-key in the crypto market. Those crypto services are intended to attract new customers and keep old ones.
Hexarq Becomes Second French Bank with PSAN Approval for Crypto
Hexarq has been prepared for quite some time now, it comes after a few years of work. Founded in 2021, it has now become France’s fourth company to get PSAN approval. It’s also the second bank to receive this status after SG Forge. Hexarq can now offer services like crypto custody, buying, selling, and exchanges with this approval.
However, BPCE’s crypto initiative takes no part from BPCE’s investment arm Natixis, which is still an unknown factor in the crypto universe. Instead, Natixis will focus on other areas including market infrastructure and financial asset tokenisation. In fact, Natixis helped issue a blockchain-based bond for 100 million euros in Caisse des Dépôts.
BPCE said regulatory approval does not mean the crypto service will launch in 2025. It said it would take care for the sake of the risk involved in cryptocurrencies. The PSAN approval however will enable BPCE to explore future options and keep the options open.
Finally, BPCE’s intervention in the crypto industry represents a turning point for the French banking sector. Its launch is slated for 2025, but it also highlights the rising popularity of digital assets. Traditional banks are increasingly looking for ways to tap into the expanding cryptocurrency market.
