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France’s Groupe BPCE to Launch Bitcoin and Crypto Investment Services for 35 Million Clients
News on the Blockchain
December 21, 2024
🌍 Daily Crypto Market Overview
Global Stats:
Cryptocurrencies: 2.4M+
Exchanges: 772
Market Cap: $3.43T (+4.92%)
24h Volume: $283.12B (+1.46%)
Bitcoin Dominance: 56.91% (-0.94%)
Ethereum Dominance: 12.24%
ETH Gas Price: Moderate
Fear & Greed Index: 62 (Greed)
🪙 Top 5 Cryptocurrencies by Market Cap:
Name | Price | 24h Change | Market Cap | 24h Volume |
|---|---|---|---|---|
Bitcoin | $98,497.85 | +3.47% | $1.95T | $92.47B |
Ethereum | $3,477.76 | +5.68% | $418.91B | $56.50B |
Tether | $0.9998 | +0.06% | $139.85B | $234.80B |
BNB | $681.74 | +5.67% | $98.18B | $2.83B |
Solana | $196.57 | +8.53% | $94.20B | $8.35B |
💹 Market Highlights:
Total DeFi Volume: $19.56B (6.91% of 24h volume)
Stablecoins Volume: $261.58B (92.39% of 24h volume)
Coin with Highest % Change: HYPE (+42.92%)
📈 Preview On Today’s News:
- France’s Groupe BPCE to Launch Bitcoin and Crypto Services for 35 Million Clients
- Japan to Revamp Controversial Crypto Tax System in 2025
- Crypto Industry Makes Major Contributions to Trump’s Inaugural Fund
Keep reading below for more!
Today’s News:
1)
France’s Groupe BPCE to Launch Bitcoin and Crypto Services for 35 Million Clients
France’s second-largest bank, Groupe BPCE, has received approval from the Autorité des Marchés Financiers (AMF) to launch Bitcoin and cryptocurrency investment services for its 35 million customers. Through its cryptocurrency subsidiary, Hexarq, the bank will offer a range of digital asset services, including crypto custody, buying, selling, and trading tokens against the Euro. This initiative marks a significant advancement in the crypto sector for 2024, a pivotal year highlighted by the US approval of the first crypto-based ETFs and Bitcoin surpassing six figures following Donald Trump’s election win. Groupe BPCE plans to integrate these crypto services into its existing banking networks and is expected to begin offering them in 2025, further accelerating Bitcoin’s global growth.
Groupe BPCE Approved for Crypto Services: France’s second-largest bank will offer Bitcoin and cryptocurrency investment options, including custody, buying, selling, and Euro trading, to its 35 million customers through its subsidiary Hexarq.
Significant 2024 Milestones: The launch aligns with major developments in the crypto industry, such as the first US crypto-based ETFs and Bitcoin exceeding six figures, positioning Groupe BPCE to integrate and expand crypto services in 2025.
2)
Japan to Revamp Controversial Crypto Tax System in 2025
Japan is set to overhaul its contentious cryptocurrency tax system in 2025, as the Liberal Democratic Party finalizes a tax reform outline that officially includes virtual currencies. Currently, crypto gains are taxed up to 55%, with inheritance taxes reaching as high as 110%, and there is no provision to offset losses. Industry leaders, including Junichi Kanda and former minister Takuya Hirai, have pushed for a more favorable 20% tax rate that would allow loss carryovers, aiming to recognize crypto assets as valuable contributors to the national economy. Despite opposition from Prime Minister Shigeru Ishiba, Finance Minister Katsunobu Kato has responded positively to these proposals, suggesting that meaningful reforms could soon benefit mainstream crypto investors in Japan.
Tax Reform Outline: Japan’s Liberal Democratic Party has finalized a 2025 tax reform that includes virtual currencies, potentially lowering crypto tax rates from up to 55% and inheritance taxes from 110%, while allowing loss carryovers.
Industry Support and Political Response: Proposals for a favorable 20% tax rate and recognition of crypto assets have been well-received by Finance Minister Katsunobu Kato, despite opposition from Prime Minister Shigeru Ishiba, indicating possible beneficial changes for crypto investors.
3)
Crypto Industry Makes Major Contributions to Trump’s Inaugural Fund
In the 2024 election cycle, the cryptocurrency industry demonstrated significant political engagement by donating a total of $133 million to President-elect Donald Trump's inaugural committee, with major firms like Coinbase, Ripple, and Jump Crypto leading the contributions. Notably, Ripple donated $5 million in XRP, while both Coinbase and Kraken each provided $1 million, and Ondo Finance committed an additional $1 million. These donations support various inauguration events, including galas and parades, and reflect the crypto sector’s strong backing of Trump’s regulatory agenda, which promises more favorable conditions compared to the previous administration. This substantial financial support underscores the growing influence and commitment of the crypto community in shaping political landscapes to favor industry-friendly policies.
Major Donations: The crypto industry contributed $133 million to Trump’s inaugural fund, with Ripple donating $5 million in XRP and Coinbase and Kraken each giving $1 million.
Political Influence: These contributions demonstrate strong support for Trump’s regulatory agenda, highlighting the crypto sector’s increasing political engagement and influence.
