French Giant Bank BPCE Chooses To Dive Into Crypto

JAKARTA The development of financial technology continues to break traditional boundaries. This time, BPCE, one of the largest banks in France, decided to dive into the crypto asset sector through its subsidiary, Hexarq. Not long ago, Hexarq received official approval from France's financial market regulator, Autorite des Marchés Financiers (AMF), to start operations in the crypto sector.

This step marks an important milestone in regulatory acceptance of crypto innovation in France. With this approval, BPCE not only strengthens its position in the traditional financial industry but also opens up opportunities to become a major player in the digital asset sector by 2025.

Founded in January 2021, Hexarq is a digital asset platform focused on crypto and real-world asset tokenization (Real-World Assets/RWA). With its status as AMF-recognized Crypto Asset Service Provider (CASP), Hexarq has prepared to offer a number of services, including custodian solutions, crypto trading in euro denomination, as well as easy and affordable digital asset buying and selling services.

The BPCE network, which includes Banque Popularaire and Caisse d' badminton with a total of 35 million subscribers, will be the main base for Hexarq's expansion. Starting in 2025, Hexarq's services are planned to be integrated directly into the BPCE banking platform, providing easy access to customers to invest in the crypto world.

Hexarq's approval is part of a major change in France's approach to digital assets. AMF began accepting the CASP application since August 2024, in preparation for the implementation of the European Union's Markets in Crypto-Assets (MiCA) regulation on December 30, 2024. To date, only three other companies including Société Gerneurale's Forge have received similar permits.

With assets managed (Assets Under Management/AUM) worth 1.3 trillion euros or about 1.3 trillion US dollars (Rp21,060 trillion), BPCE's entry into the crypto sector has the potential to accelerate the adoption of digital assets in France and its surroundings.

BPCE's decision is also a signal for other major financial institutions in Europe to start looking at blockchain and crypto technology so that their services remain relevant amid rapid global competition.