The French banking giant BPCE opens a crypto investment service, allowing customers to buy and sell Bitcoin and other digital assets through the Hexarq app.
BPCE, the second-largest bank in France, opens a crypto investment service for customers
According to The Big Whale, BPCE Groupe - the second-largest bank in France - will allow its 35 million customers to buy and sell Bit and other crypto assets by 2025, after its subsidiary Hexarq receives a VASP license from the French Financial Markets Authority (AMF).
The VASP (Virtual Asset Service Provider) license allows Hexarq to provide services related to cryptocurrencies in France. Through the Hexarq app, BPCE will provide Bit and crypto trading services to customers of its two banking systems: Banque Populaire and Caisse d'Épargne.
This is a strategic move by BPCE to retain customers and compete in the increasingly digitalized financial market.
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French bank BPCE obtains a VASP license for the purchase, sale, exchange, and custody of crypto-assets
BPCE is one of the largest banks in Europe (36 million clients)
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BPCE established its subsidiary Hexarq in 2021, becoming the fourth provider and the second bank to receive a VASP license in France.
This comes after the AMF approved a VASP license for SG Forge - a subsidiary of the French banking giant Société Générale, in 08/2023. SG Forge is planning to launch its EURCV stablecoin on the XRP Ledger in 2025, using the Ripple Custody solution (previously acquired by Ripple from Metaco).
Currently, the AMF is intensifying its crypto management efforts as France prepares to implement the comprehensive EU MiCA regulation, expected to take effect on 30/12/2024. The increasing support for crypto in France has prompted large companies like Gemini to expand their operations in Europe.
However, some businesses have also left the European market as MiCA approaches, such as Bybit. The MiCA regulation has even "forced" Coinbase and Tether to adjust their stablecoin strategies to comply. Furthermore, to ensure its position as the leading stablecoin issuer in the European region, Tether has to cooperate with StablR as part of its strategy to promote the adoption of compliant digital assets in this market.
Compiled by Coin68
