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- Hexarq AMF authorization allows custody, buying, selling, and euro-based cryptocurrency trading in France.
- BPCE plans to integrate Hexarq services across its Banque Populaire and Caisse pargne networks.
- Hexarq becomes one of four AMF-authorized crypto service providers, aligning with EU MiCA regulations.
France’s financial markets authority, the Autorité des Marchés Financiers (AMF), has allowed Hexarq, a digital asset associate of the French banking group BPCE, to serve as a Crypto Asset Service Provider (CASP). This action, confirmed by an AMF notice issued on December 20, allows Hexarq to provide various services, including custody, buying, selling, and euro-denominated trading of digital assets.
BPCE Expands Services Through Hexarq’s Crypto Integration
Hexarq’s CASP authorization marks a significant step in BPCE’s expansion into cryptocurrency services. Groupe BPCE, one of Europe’s top 10 largest banks, plans to debut Hexarq’s services across its Banque Populaire and Caisse d’Épargne networks.
This initiative, expected for a 2025 rollout, positions Hexarq to incorporate its digital assets application into BPCE’s current infrastructure. With 35 million customers and over 1.3 trillion euros in assets under management as of September 2024, BPCE’s move could shape the banking group’s offerings.
Source: Statista
Hexarq Focuses on Digital Assets and Tokenized RWA
Founded in January 2021, Hexarq offers digital asset services, including tokenized real-world assets. The platform’s involvement into BPCE’s banking ecosystem will allow clients to access crypto investment options and traditional financial services. This approval makes Hexarq one of only four crypto businesses authorized by the AMF.
Limited CASP Approvals in France
The AMF has granted CASP authorization to just three other companies since it began accepting applications in August 2024. These include Forge, the cryptocurrency subsidiary of Société Générale, Deblock SAS, and GOin SAS.
Forge received its approval in 2023, while Deblock and GOin were authorized in June 2023 and September 2022, respectively. Hexarq’s authorization underscores a rigorous regulatory environment for crypto businesses in France.
Regulatory Context and Future Prospects
The AMF’s support process aligns with the European Union’s Markets in Crypto-Assets (MiCA) regulations, set to be fully enforced by December 30, 2024. This regulatory framework aims to standardize cryptocurrency operations across the EU.
BPCE declined to provide additional details on its planned crypto services, but Hexarq’s integration into established banking networks is expected to enhance access to digital assets for French consumers.
BPCE declined to provide additional details on its planned crypto services, but Hexarq’s integration into established banking networks is expected to enhance access to digital assets for French consumers.
The post Hexarq Secures AMF Approval to Roll Out Crypto Services with BPCE by 2025 appeared first on Crypto News Land.