- KBC bank in Belgium plans to offer cryptocurrency services to retail clients through its Bolero app, pending regulatory approval.
- KBC could become the first Belgian crypto asset service provider if it gains the necessary license.
- The bank previously launched a digital reward token, Kate Coin, for Bolero users and has experience with blockchain technology.
- France’s CACEIS received a MiCA license to provide digital asset services for institutional clients.
- Currently, five European banks, including BBVA, Baader Bank, Commerzbank, N26, and CACEIS, hold EU-wide crypto licenses.
KBC bank, based in Belgium, announced plans to introduce cryptocurrency trading and investment options for individual clients through its Bolero banking app. The launch depends on securing approval as a crypto asset service provider (CASP), which could make KBC the first Belgian institution to obtain such a license. The bank hopes to roll out the service by the end of the year, according to a report from Les Echo.
While KBC has limited direct experience with cryptocurrencies, it has a background in blockchain initiatives. Three years ago, it launched Kate Coin, a digital reward token for Bolero app users, using private, permissioned blockchain technology. Kate Coin can only be transferred between KBC clients and functions as a reward, not as a widely tradable cryptocurrency. In contrast, France’s Societe Generale FORGE developed EURCV, a stablecoin—meaning a digital token pegged to a stable value such as the Euro.
Other Belgian banks are considering similar moves. ING and Belfius stated they are exploring crypto offerings, while BNP Paribas Fortis indicated it has no current plans in this area.
Meanwhile, French asset servicing group CACEIS announced it has secured a MiCA (Markets in Crypto-Assets) license. This license allows CACEIS to offer custody, handle transfers, and transmit orders for cryptocurrencies, primarily serving institutional clients. Laurent Majchrzak, Group Head of Digital Assets at CACEIS, said, “It strengthens our position as a trusted third party, supporting the transformation of financial markets. By offering our clients the opportunity to invest in both traditional financial instruments and crypto-assets within the same portfolio, we are enhancing CACEIS’ value proposition.”
There has been a noticeable increase in MiCA licensing activity throughout the European Union. According to the European Securities and Markets Authority (ESMA), EU-registered crypto asset service provider licenses have risen from 31 to 45 in the past three weeks. However, this does not mean a 50% increase, as administrative delays occur, and some companies hold multiple licenses. Currently, 36 unique CASPs are permitted to operate in the EU.
Out of these 36 CASPs, five are banks. BBVA of Spain was the first to obtain an EU-wide license in March. Germany‘s financial regulator BaFin granted licenses to Baader Bank, Commerzbank, and N26 in April and May. CACEIS is the latest to join this group.
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