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Hexarq, the cryptocurrency subsidiary of French banking giant BPCE, has received authorization from the Autorité des Marchés Financiers (AMF) to operate as a crypto asset service provider (CASP). This approval makes Hexarq the second banking crypto outfit to be authorized by the AMF, following Société Générale’s subsidiary, Forge.
The AMF’s approval, announced on December 20, allows Hexarq to offer a range of cryptocurrency services, including custody, buying, selling, and trading cryptocurrencies against the euro. Reports indicate that Hexarq plans to integrate these services into BPCE’s primary banking networks, Banque Populaire and Caisse d’Épargne, with a rollout expected in 2025.
Groupe BPCE, one of Europe’s top 10 banks, manages assets worth approximately €1.3 trillion as of September 2024 and serves a customer base of 35 million. Hexarq’s entry into the crypto market is expected to significantly enhance access to digital assets for BPCE’s extensive clientele.
Established in January 2021, Hexarq focuses on digital assets, including cryptocurrencies and tokenized real-world assets (RWAs). Following the AMF’s approval, the subsidiary aims to integrate its crypto app within BPCE’s banking networks, offering customers a seamless entry into cryptocurrency investment.
Hexarq’s authorization is a milestone in France’s regulated cryptocurrency landscape. According to AMF records, only three other companies have received CASP authorization: Société Générale’s Forge (2023), Deblock SAS (June 2023), and GOin SAS (September 2022).
The AMF began accepting CASP applications in August 2024, ahead of the European Union’s Markets in Crypto-Assets (MiCA) regulations, which are set to be fully enforced by December 30, 2024.
While Hexarq’s 2025 service launch is a significant development, BPCE has not disclosed further details regarding the scope or specifics of its crypto offerings. This development underscores the growing integration of digital assets within traditional banking systems, with France continuing to lead the charge in regulatory oversight and innovation.
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