On Thursday, the Hexarq subsidiary of the Banque Populaire Caisse d'Épargne (BPCE) group became the 2nd banking institution to obtain PSAN approval. What does this mean for the business?
A subsidiary of the Banque Populaire Caisse d’Épargne (BPCE) group obtains PSAN approval
On Thursday, the currently very closed circle of approved Digital Asset Service Providers (PSAN) was joined by a fourth player: Hexarq. If this name doesn't mean anything to you, it's actually nothing more and nothing less of a subsidiary of the Banque Populaire Caisse d’Épargne (BPCE) groupwhich now has the necessary authorizations to offer cryptocurrencies to its customers.
According to the Financial Markets Authority (AMF) sheet, the company was approved on Thursday for the following 3 services:
- Preservation of digital assets;
- Purchases and sales of digital assets against legal tender;
- Exchanges of digital assets for other digital assets.
According to comments reported by Agefi, this possibility of offering cryptocurrencies should however not be confused with the idea that the banking group will launch a concrete service in the short term:
Cryptoassets are one of the subjects being studied in banks. Obtaining approval does not necessarily mean that an offer will be made in 2025, given the precautions associated with this asset class, but allows all options to be kept open in the event of a future decision.
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If the caution displayed here is characteristic of the banking sector with regard to cryptocurrencies, Obtaining PSAN approval is far from trivialeven if it is limited to the basic services mentioned above. And for good reason, it is a powerful accelerator towards the status of Crypto-asset Service Provider (CASP) of the MiCA regulation, which comes into force on December 30 and will open the doors to the entire European market.
👉 To go further — How will MiCA shake up the European crypto ecosystem? Exclusive interview with Faustine Fleuret and William O'Rorke
Therefore, it will be appropriate to remain attentive to the banking group's next actions within the cryptocurrency ecosystem. Last month, Natixis, also belonging to the BPCE group, stood out by playing a leading role in the issuance of 100 million euros of bonds on the blockchainin collaboration with players such as Caisse des Dépôts, Crédit Agricole and BNP Paribas.
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Source: AMF, Agefi
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Since 2021, I have devoted my free time to seriously educating myself on cryptocurrencies in order to acquire maximum knowledge and credibility. I often have the opportunity to conduct interviews with influential figures in the blockchain industry. I also conduct in-depth analyzes on Web3 themes to offer exclusive content to Cryptoast readers.
Vincent Maire
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