BPCE, one of France’s largest banking groups, is set to introduce cryptocurrency trading within its retail banking services, marking a significant move by a traditional European bank into the digital asset space. The initiative aims to allow millions of clients to buy and sell cryptocurrencies directly through their existing mobile banking applications, signaling a broader acceptance of digital assets in mainstream finance.
This strategic rollout begins with four regional banks, including Banque Populaire Île-de-France and Caisse d’Épargne Provence-Alpes-Côte d’Azur, which collectively serve approximately two million customers. The bank plans to extend crypto trading across its remaining 25 regional entities by 2026, ultimately providing access to its entire retail customer base of around 12 million individuals. An insider from BPCE indicated that the phased approach enables the bank to assess performance and user uptake before full deployment.
In-App Crypto Trading Details
Crypto transactions will be facilitated through a dedicated digital asset account managed by Hexarq, BPCE’s crypto subsidiary. This account will incur a monthly fee of 2.99 euros ($3.48) and a trading commission of 1.5%, with a minimum fee of $1.16 per trade. Importantly, clients will be able to manage their crypto assets without third-party exchanges or wallets, providing a seamless in-app experience.
Broader European Trend of Traditional Banks Embracing Crypto
BPCE’s move positions it amid a growing trend of traditional financial institutions in Europe integrating digital assets to stay competitive. Rival banks such as BBVA in Spain, which offers direct buy, sell, and custody of Bitcoin and Ether, and Santander’s Openbank, which provides trading and custody services for multiple cryptocurrencies, exemplify this shift. Additionally, Raiffeisen Bank’s Vienna unit has partnered with Bitpanda to bring crypto services to retail clients, reflecting wider adoption across the continent.
Regulatory Developments in European Crypto Taxation
In parallel, European regulators are debating tax policies for cryptocurrencies. Recently, French lawmakers narrowly approved an amendment to extend the country’s wealth tax to include “unproductive assets” such as certain real estate, luxury goods, and digital assets, including cryptocurrencies. This measure targets individuals with assets exceeding $2.3 million, imposing a 1% flat tax. The proposal is pending approval by the Senate and could influence future regulatory frameworks across the region.
As traditional banks venture into digital currencies, and regulators scrutinize their role in the ecosystem, the landscape for retail crypto adoption in Europe appears poised for rapid evolution, reflecting a broader convergence between traditional finance and innovative digital assets.