30s Summary

French bank BPCE, one of France’s top ten banks, has received approval to start a cryptocurrency business. Its crypto subsidiary, Hexarq, now has crypto asset service provider (CASP) authorization from the French financial markets regulator, allowing it to provide a variety of cryptocurrency services. Hexarq plans to launch services for the Banque Populaire and Caisse d’Épargne networks in 2025. It is one of only four crypto businesses to receive CASP approval from the regulator so far.

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BPCE, one of the top ten banks in France, got the go-ahead from local regulators to start a cryptocurrency business. The French bank’s crypto subsidiary, Hexarq, now holds a crypto asset service provider (CASP) authorization, officially checked off by the French financial markets regulator, Autorité des Marchés Financiers (AMF), on Dec. 20.

What does this green light mean? It’s cool news because Hexarq is now legitimately allowed to provide a range of crypto services. This involves keeping customers’ cryptocurrency safe (known as crypto custody), and letting people buy, sell, and trade crypto against euros.

Looking forward, reports suggest Hexarq is going to launch its services for the Banque Populaire and Caisse d’Épargne networks in 2025. Started in 2021, Hexarq is a platform that focuses on cryptocurrencies and tokenized real-world assets (basically a type of crypto that’s tied to a physical thing or asset).

With the AMF’s thumbs up, Hexarq can soon integrate its crypto app into BPCE’s main banking networks, Banque Populaire and Caisse d’Épargne, opening it up for their loads of customers.

This is a big deal for the world of crypto because BPCE has a staggering 35 million customers, and the bank was taking care of around 1.3 million euros ($1.3 million) worth of customers’ assets as of September 2024.

BPCE didn’t offer any more details about their potential cryptocurrecy services that might launch in 2025.

Hexarq has a bit of a special status too, as it’s one of only a few crypto businesses that have so far been approved by the French AMF. Only three other companies have received this authorization to date, including the crypto offshoot of Société Générale, a French multinational investment bank and financial services company.

So far, AMF has okayed four crypto CASPs, the list includes Deblock SAS and GOin SAS, besides Hexarq and Forge.