France’s financial markets regulator, Autorité des Marchés Financiers (AMF), has approved operations of a cryptocurrency business by the French bank BPCE. BPCE’s cryptocurrency subsidiary, Hexarq, has obtained a crypto asset service provider (CASP) authorization, according to an official AMF notice issued on Dec. 20. With the approval, Hexarq is officially authorized to provide a scope of crypto services, including crypto custody, as well as buying, selling and trading crypto against the euro.
According to online reports, BPCE’s Hexarq is all set to start offering cryptocurrency investment services within the Banque Populaire and Caisse d’Épargne networks in 2025. BPCE group is one of the 10 largest banks in Europe. Launched in January 2021, Hexarq is a digital asset service platform focused on cryptocurrencies and tokenized real-world assets (RWA). Following the AMF’s authorization, Hexarq will reportedly integrate its crypto app into BPCE’s two main banking networks, Banque Populaire and Caisse d’Épargne, making it available for their customers. If confirmed, BPCE’s crypto entrance will be significant to the industry as the banking group has 35 million customers, with assets under management peaking at roughly 1.3 million euros ($1.3 million) by the end of September 2024.
Approached by Cointelegraph, BPCE declined to provide further details on its potential launch of cryptocurrency services in 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. According to official AMF records, there are only three other companies that have received CASP authorization from the regulator, including Société Générale’s crypto subsidiary, Forge, which obtained the approval in 2023. The other two AMF-approved CASPs include Deblock SAS and GOin SAS, which received their authorizations in June 2023 and September 2022, respectively. As previously reported, AMF started accepting CASP applications in August 2024, or about six months ahead of the Markets in Crypto-Assets regulations, which are set to be fully enforced on Dec. 30.