BPCE Launches Bitcoin and Cryptocurrency Offering to 35 Million Customers in France
- BPCE will allow Bitcoin purchases for 35 million customers.
- Hexarq obtains PSAN license for crypto services in France.
- MiCA regulation boosts European cryptocurrency market in 2024.
Groupe BPCE, France's second-largest banking institution, will allow its 35 million customers to buy, sell and hold cryptocurrencies from 2025. This advance will be carried out through Hexarq, its subsidiary focused on digital assets, which has been granted a PSAN (Digital Asset Service Provider) license by the Financial Markets Authority (AMF).
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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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With the PSAN license, Hexarq is authorized to offer cryptocurrency-related services throughout France. The functionality will be made available to customers of the Banque Populaire and Caisse d'Épargne networks, integrating the purchase and sale of Bitcoin and other crypto assets directly into their banking systems.
The initiative is part of a strategy by BPCE to compete in the ever-changing digital financial market. Hexarq was created in 2021 and became the fourth financial entity registered with a PSAN license in France, following similar moves by institutions such as Société Générale, which launched its subsidiary SG Forge to operate in the crypto asset sector.
This move comes amid a backdrop of regulatory advancements in the country, particularly with the imminent implementation of the European Union’s MiCA (Markets in Crypto Assets) regulation, set to come into force in December 2024. France has already adopted strict standards for registering cryptocurrency companies since the introduction of the PACTE Law in 2019.
The French cryptocurrency market continues to grow, with 12% of the population — around 6,5 million people — owning crypto assets, according to recent data. Investors are increasingly interested in investing among young people, with 57% of crypto holders under the age of 35.
While companies like Gemini are expanding their operations in the country, others have opted to exit the European market due to the arrival of MiCA. Despite this, the clearer regulatory environment favors the adoption of digital assets, consolidating France as one of the innovation hubs in the sector.
At the time of publication, the price of Bitcoin was quoted at US$96.561,28 with a drop of 3.7% in the last 24 hours.
BPCE reinforces its commitment to integrating cryptocurrencies into traditional services, standing out in the French financial market's advancement towards digital.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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