Hexarq Receives Regulatory Approval to Offer Crypto Services in France
Hexarq, the cryptocurrency subsidiary of Groupe BPCE, has achieved regulatory approval from France’s Financial Markets Authority (AMF) to provide crypto services to its clients in 2025, as reported by the Big Whale on Dec. 20.
PSAN Registration Approval
The approval, known as PSAN registration, permits Hexarq to offer custody, buying, and selling services for digital assets under French law. This milestone paves the way for the French banking giant to introduce Bitcoin (BTC) services to its 35 million customers.
Cautious Approach to Crypto
This development signifies a significant step for BPCE, a prominent European banking group. It showcases BPCE’s careful yet strategic move into digital finance as it ventures into the crypto sector through its Banque Populaire and Caisse d’Épargne networks.
Secure and Regulated Options
By utilizing Hexarq, the group aims to provide secure and regulated options for customers who are showing increasing interest in crypto platforms. This not only helps in retaining existing clients but also in attracting new ones seeking alternatives to unregulated exchanges.
PSAN Status for Hexarq
Hexarq’s PSAN status distinguishes it as one of the few regulated entities in France authorized to offer comprehensive crypto services. It follows Société Générale’s SG Forge as the second bank to achieve this milestone, indicating the growing acceptance of crypto within traditional banking.
Expansion Plans for Hexarq
Launched in 2021, Hexarq has been operating under the radar but is now poised to play a vital role in BPCE’s strategy. In addition to basic transactions, Hexarq aims to provide a range of crypto services tailored to both retail and high-net-worth clients. The app-based platform is expected to be launched next year.
Natixis’ Blockchain Initiatives
While Hexarq focuses on retail crypto services, BPCE’s investment banking division, Natixis, is making strides in blockchain innovation. In collaboration with Caisse des Dépôts, Natixis issued a €100 million bond on the blockchain in November, aligning with its strategy to explore tokenization and digital market infrastructure.
Institutional Market Transformation
Natixis is actively involved in developing solutions for tokenized securities to streamline operations for institutional investors and enhance access to illiquid asset classes. These initiatives reflect BPCE’s dual strategy of retail crypto adoption through Hexarq and institutional market transformation through blockchain.
Future Plans and Risk Assessment
Despite the progress, BPCE has emphasized that the launch of crypto services in 2025 is not guaranteed. A spokesperson highlighted that while the PSAN registration opens up opportunities, the actual rollout will depend on ongoing risk assessments.
