As an analyst with over two decades of experience in the financial markets, I find myself intrigued by BPCE’s foray into the cryptocurrency space. With its vast customer base and significant assets under management, this move could potentially reshape the European crypto landscape.
The French banking institution, BPCE, has received approval from France’s market financial watchdog, the Autorité des Marchés Financiers (AMF), to operate in the cryptocurrency sector.
According to an announcement made by the French financial market authority (AMF) on December 20th, BPCE’s cryptocurrency affiliate, Hexarq, has been granted approval as a crypto asset service provider (CASP).
Under authorization, Hexarq will now offer a variety of cryptocurrency services, encompassing crypto storage (custody), along with the purchasing, selling, and exchanging of cryptos against the euro.
Based on digital sources, it appears that Hexarq by BPCE plans to initiate cryptocurrency investment opportunities within the Banque Populaire and Caisse d’Épargne systems starting from the year 2025.
BPCE group is one of the 10 largest banks in Europe
Debuting in January 2021, Hexarq serves as a digital platform specializing in cryptocurrencies and securitized real-world assets.
According to reports, Hexarq’s cryptographic application is expected to be merged with the banking systems of BPCE, specifically Banque Populaire and Caisse d’Épargne. This integration will make the app accessible to their respective customers, following the approval from the AMF.
Should the entry into cryptocurrency by BPCE materialize, it could carry substantial weight within the industry given that their customer base totals approximately 35 million individuals, and by the close of September 2024, their assets under management are projected to reach around 1.3 billion euros ($1.3 billion).
In response to being contacted by CryptoMoon, BPCE chose not to offer more specifics about their possible initiation of cryptocurrency services in the year 2025.
Hexarq is the fourth crypto business approved by AMF
BPCE’s Hexarq is one of a few crypto businesses that have been so far approved by French AMF.
Based on records from the regulatory authority (AMF), it’s known that just three other firms, such as the cryptocurrency affiliate of Société Générale, Forge, which received CASP authorization in 2023, are among the handful that have been granted this approval.
As a researcher, I’m excited to mention that apart from the one I’m currently working on, there are two other AMF-approved Competitive Analysis Survey Protocols (CASPs) in circulation. Deblock SAS and GOin SAS joined the fold, receiving their approvals in June 2023 and September 2022 respectively, making them a valuable addition to our analytical tools.
Previously mentioned, the AMF initiated the acceptance of CASP applications starting from August 2024. This is approximately half a year before the comprehensive enforcement of the Markets in Crypto-Assets regulations, scheduled for December 31.
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2024-12-20 17:28