In a surprising turn of events, one of the biggest banks in France will now jump on the crypto bandwagon. According to market reports, by 2025, the €863 billion BPCE Group, France’s fifth-largest bank, will allow its 35 million clients to acquire Bitcoin and other cryptocurrencies.
The move comes against the backdrop of cryptocurrencies becoming an important part of mainstream banking. This trend makes it very evident that digital assets will soon be a part of financial toolbox for all investors alike.
BPCE Group’s Decision Comes France Keeps A Strict Watch on Crypto Sector
France is regarded as one of the most crypto-friendly nations in Europe. Interestingly, in order to position itself as a significant European crypto hub, France passed the PACTE Act in 2019.
However, on the other side, to stop money laundering and illicit behavior in the crypto sector that has seen a rise, the French government does observe stringent adherence to legislations.
A good example of this was when the French government was preparing to prohibit Ploymarket because of the large sums of money that were wagered on during the US elections in 2024. Another example of this strict watch, is crypto-exchange Bybit announced that because of legislative obstacles, the platform will halt all digital asset withdrawal and custody services in France.
After January 8, 2025, the services will be discontinued, giving French users a strict time to remove their assets. Bybit made this move while reaffirming its dedication to following changing legislation.
But on the positive side, On November 30, 2024, the upscale French retailer Printemps declared that it will now take cryptocurrency payments. This is the first time a premium store in Europe has made this decision, joining the 250+ brands that currently take cryptocurrency payments.
France Crypto Growth: What to Expect?
the French cryptocurrency sector is anticipated to generate US$1,238.0 million in revenue by the end of 2024. In comparison on a global level, the United States tops the world in revenue, with US$9,788.0 million in 2024.
Additionally, the end of this year will see the cryptocurrency market in France generating an average revenue per user of $70.2 USD.
By 2025, it is anticipated that there will be 17.72 million users in France’s cryptocurrency sector. It is anticipated that the user penetration rate will rise from 27.18% in 2024 to 27.26% in 2025.
The growth of cryptocurrencies in France is being fueled by the country’s progressive legal environment and increased interest from institutional investors.