Main Points :
- BPCE, France’s second-largest banking group, launches crypto trading (BTC, ETH, SOL, USDC) for ~2 million customers and plans full rollout across 29 regional banks by 2026.
- European banks including BBVA, Santander’s Openbank, and Deutsche Bank rapidly expand crypto trading, custody, tokenization, and stablecoin initiatives.
- France considers a new wealth-tax amendment classifying cryptocurrencies as “non-productive assets” with a 1% annual levy above $2.3 million.
- Institutional adoption signals acceleration of tokenization, cross-border settlement, stablecoin payments, and integrated FX-crypto trading platforms.
- Implications create significant opportunities for investors seeking new digital-asset growth sectors.
I. BPCE’s Entry into Crypto Trading: A Structural Shift in European Retail Banking
France’s banking landscape reached a major milestone as BPCE, the nation’s second-largest banking group, unveiled its plan to provide direct cryptocurrency trading to approximately two million customers. According to reporting by TheBigWhale, the bank will initially deploy the service across four regional institutions—including Banque Populaire Ile-de-France—before expanding gradually to all 29 banks under the BPCE umbrella by 2026.
Customers will gain access to Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and USD Coin (USDC), tradable directly through the bank’s mobile application. The service operates through a dedicated digital-asset account managed by BPCE’s crypto subsidiary Hexarq.
To ensure controlled onboarding and system reliability, BPCE will roll out the service in stages. This phased progression aligns with regulatory expectations under the EU’s Markets in Crypto-Assets (MiCA) framework, which places strict demands on operational resilience, data integrity, and investor protection.
Fees and Pricing Structure
BPCE’s pricing model is transparent and competitive:
| Fee Type | Amount (USD equivalent) |
|---|---|
| Monthly digital asset account fee | $3.25 |
| Trading fee | 1.5% per transaction (minimum $1.10) |
This hybrid model—maintenance fee + transactional fee—is consistent with traditional FX and securities services in European banking.
II. The Expanding European Crypto-Banking Ecosystem
BPCE is not alone. A wave of major financial institutions across Europe has already deployed or is preparing to deploy crypto services. Together, they represent the emergence of a unified institutional framework for digital-asset trading, custody, and settlement.
A. BBVA: A Fully Integrated FX-Crypto Trading Environment
Spanish banking giant BBVA allows customers to buy, sell, and hold both Bitcoin and Ethereum directly within its banking app. Notably:
- Custody is fully internal—no third-party subcontracting is used.
- The crypto interface is merged into BBVA’s traditional foreign-exchange trading infrastructure, creating a smooth and familiar experience for users.
- Trading is available 24 hours a day, extending BBVA’s FX philosophy to digital assets.
This style of integration matters: retail and corporate clients can treat crypto as simply another currency pair, which is a necessary step toward mainstream adoption.
B. Openbank (Santander Group): Crypto Trading in Germany
Openbank, part of the global Santander Group, has launched crypto services in Germany with a suite of five assets:
- Bitcoin (BTC)
- Ethereum (ETH)
- Litecoin (LTC)
- Polygon (MATIC)
- Cardano (ADA)
Openbank offers both trading and custodial functions. Germany’s regulatory maturity—particularly BaFin’s licensing requirements—positions it as a strategic foothold for broader EU expansion under MiCA.
C. Deutsche Bank: Tokenization and Stablecoin Ambitions
Deutsche Bank is exploring:
- Issuance of a proprietary euro-based stablecoin
- Multiple forms of tokenized deposits
Stablecoins have high strategic value because they maintain price stability while enabling fast settlement. Tokenized deposits represent the next phase of banking modernization, merging blockchain’s programmability with traditional deposit guarantees.
This has implications for cross-border payments, treasury management, supply-chain settlement, and corporate liquidity operations.
III. Understanding Stablecoins: The New Pillar of Digital Finance
Stablecoins come in two main categories:
1. Fiat-Backed Stablecoins
Examples: USDT, USDC
Pegged 1:1 to USD and backed by cash, T-bills, or equivalent assets.
2. Algorithmic Stablecoins
Value maintained through supply-adjustment algorithms.
(These are less favored after UST’s collapse, but experimental versions persist.)
Stablecoins enable:
- Faster international payments
- Crypto-FX mixing for retail and corporate clients
- Stable on-chain liquidity for DeFi and bank-issued tokenized platforms
As large banks issue their own variants, stablecoins may become the default “settlement layer” for global finance.
IV. France’s Proposed Wealth-Tax Expansion: Crypto as a “Non-Productive Asset”
In late 2025, the French National Assembly approved a proposal to classify cryptocurrencies as non-productive assets for wealth-tax purposes. Under the amendment:
- Individuals holding more than $2.3 million in qualifying non-productive assets—including crypto—may face a 1% annual tax.
- The amendment is not yet law; it requires approval in France’s 2026 budget deliberations.
Industry Response
Eric Larchevêque, co-founder of Ledger, criticized the proposal, stating that it punishes individuals who hold Bitcoin or gold for economic security, potentially driving wealth out of France.
The tax is also at odds with the government’s parallel push for innovation through MiCA-aligned crypto regulation.
V. Institutional Crypto Adoption: What It Means for Investors and Builders
The entry of trillion-dollar banking groups fundamentally reshapes crypto’s next decade. For investors, developers, and fintech operators, the consequences are extensive.
A. Tokenization Will Become Standard
Banks moving toward tokenized deposits and tokenized government bonds signal a seismic shift. By 2030, analysts expect:
- Up to $5–$10 trillion in tokenized real-world assets
- Corporate treasuries using programmable liquidity
- Automated settlement of securities and FX via blockchain rails
BPCE’s move indicates this isn’t theoretical—it’s happening now.
B. Retail Banking + Crypto = A New Competitive Arena
Banks must now compete with:
- Exchanges
- Fintech apps
- Neobanks
- Crypto-payment platforms
But banks have advantages: customer trust, compliance infrastructure, and large user bases.
C. Opportunities for Crypto Investors
The institutional wave produces several promising investment theses:
1. Growth in Layer-1 Ecosystems Used by Banks
Examples: Solana (SOL), Ethereum (ETH)
2. Institutional Stablecoins
They may become mainstream settlement assets.
3. Tokenization Infrastructure
Projects enabling identity, compliance, and programmable assets.
4. Banking-integrated DeFi
Hybrid models using regulated on-chain liquidity pools.
VI. Market Outlook: What Comes Next in 2026–2030
Combining BPCE’s rollout with actions across Europe reveals several medium-term trends:
- Bank-issued stablecoins will compete directly with USDC and USDT.
- Tokenized financial products (deposits, funds, bonds) will achieve widespread adoption.
- Crypto-FX integration will blur distinctions between traditional currency trading and digital assets.
- Retail users will increasingly treat BTC and ETH as standard financial instruments.
- Regulatory divergence between EU and US markets may widen, accelerating EU innovation.
The next five years represent the most significant institutionalization of crypto since Bitcoin’s creation.
VII. Conclusion: Europe Is Building the Next Generation of Regulated Crypto Finance
BPCE’s launch of crypto trading for two million customers is not an isolated event—it is part of a synchronized shift among Europe’s largest financial institutions. Banks like BBVA, Openbank, and Deutsche Bank are building infrastructure for tokenization, stablecoin settlement, and compliant digital-asset trading.
At the same time, France’s proposed wealth-tax expansion highlights the ongoing political tension between promoting innovation and enforcing financial regulation.
For investors, developers, and fintech operators, the message is clear:
Institutional adoption is accelerating, and Europe is positioning itself as the global center of regulated digital finance.
The coming years will reward those who understand how tokenization, stablecoins, and crypto-bank integration reshape financial markets.
