Belgium’s KBC Bank is preparing to enter the retail cryptocurrency market through its Bolero banking app, signaling a major step forward for traditional finance’s integration with digital assets. According to recent reports from Les Echo, the bank aims to launch crypto services later this year, pending regulatory approval as a Crypto-Asset Service Provider (CASP) under the European Union’s Markets in Crypto-Assets (MiCA) framework.
If approved, KBC would become the first Belgian bank to obtain such a license, setting a precedent for financial institutions across the region. This move reflects growing institutional confidence in blockchain technology and regulated digital asset offerings within Europe’s evolving fintech landscape.
KBC's Blockchain Roots: From Kate Coin to Full-Service Crypto
Long before its current MiCA ambitions, KBC demonstrated early interest in blockchain innovation. Three years ago, the bank introduced Kate Coin, a token exclusively available to users of its Bolero app. Unlike public blockchain-based cryptocurrencies, Kate Coin operated on a private, permissioned network and was used primarily as a reward mechanism—allowing customers to earn and transfer value within the KBC ecosystem.
While not a stablecoin or tradable asset, Kate Coin showcased KBC’s willingness to experiment with tokenization. In contrast, Societe Generale’s Forge launched EuCoin, a euro-denominated stablecoin more aligned with traditional crypto expectations. However, technically speaking, KBC was the first European bank to deploy an internal tokenized system for customer engagement.
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This prior experience positions KBC favorably as it transitions toward full MiCA compliance. The upcoming retail crypto product is expected to offer broader functionality, including buying, holding, and potentially trading major cryptocurrencies—though exact features remain under wraps.
Institutional Momentum: Caceis Secures EU-Wide MiCA License
While KBC targets retail clients, French financial services provider Caceis has focused on institutional demand. Recently, Caceis obtained a MiCA license, authorizing it to provide critical crypto-asset services such as custody, order transmission, and transaction execution across the EU.
Laurent Majchrzak, Head of Digital Assets at Caceis, emphasized the strategic importance of the license:
“It strengthens our role as a trusted third party supporting the transformation of financial markets. By enabling clients to invest in both traditional financial instruments and cryptocurrencies within the same portfolio, we’re enhancing our value proposition.”
This development underscores a broader trend: established financial intermediaries are increasingly integrating digital assets into core operations. With MiCA providing a harmonized regulatory framework across member states, firms like Caceis can now scale crypto services without navigating fragmented national rules.
MiCA Adoption Accelerates Across the EU
The pace of MiCA licensing is accelerating rapidly. The European Securities and Markets Authority (ESMA) now lists 45 registered CASPs, up from 31 just three weeks prior. While this doesn’t represent a 50% increase in approvals, it reflects improved synchronization between national regulators and ESMA’s central registry.
Due to administrative lags and companies holding multiple licenses across jurisdictions, the actual number of distinct CASPs operating in the EU stands at 36. Notably, five of these are banks—a small but significant cohort that includes Spain’s BBVA, Germany’s Baader Bank, Commerzbank, and N26, all of which received approvals between March and May 2025.
Caceis joins this elite group as one of the first institutional custodians to gain full MiCA authorization, paving the way for pension funds, asset managers, and insurers to allocate to crypto with greater regulatory clarity.
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Competitive Landscape: Are Other Belgian Banks Following Suit?
Local media inquiries reveal mixed responses from Belgium’s banking sector regarding crypto plans:
- ING Belgium: Actively exploring crypto product offerings.
- Belfius Bank: Considering future digital asset services.
- BNP Paribas Fortis: Currently has no plans to launch crypto-related products.
This divergence highlights differing risk appetites and strategic priorities among peers. While some see digital assets as essential to modern banking, others remain cautious amid evolving compliance requirements and market volatility.
KBC’s proactive stance could give it a first-mover advantage in capturing tech-savvy retail investors and positioning itself as an innovator in Belgium’s financial ecosystem.
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FAQ: Your Questions About Banks and Crypto Under MiCA
Q: What is a MiCA license?
A: The Markets in Crypto-Assets (MiCA) regulation is the EU’s comprehensive framework for governing crypto-asset service providers. A MiCA license allows firms to legally offer services like trading, custody, and issuance of tokens across all EU member states under uniform rules.
Q: Can any bank offer cryptocurrency under MiCA?
A: Not automatically. Banks must apply separately for CASP authorization and meet strict requirements around consumer protection, cybersecurity, transparency, and anti-money laundering (AML) compliance before launching crypto services.
Q: Is KBC the first European bank to launch a crypto token?
A: While Societe Generale’s EuCoin is often cited as the first bank-issued stablecoin, KBC technically deployed its own token—Kate Coin—earlier via its Bolero app. However, Kate Coin was non-transferable outside the bank’s ecosystem and used only for rewards.
Q: How does Caceis’ MiCA license benefit investors?
A: It enables institutional investors to include regulated crypto assets in diversified portfolios managed by trusted custodians. This reduces operational risk and increases confidence in long-term digital asset allocation.
Q: When will KBC launch its crypto product?
A: The bank aims for a late 2025 rollout, pending final regulatory approval. Specific details about supported coins, fees, and features are expected closer to launch.
Q: Are Belgian banks leading in European crypto adoption?
A: While not yet leaders overall, KBC’s initiative places Belgium among early adopters. Countries like France, Germany, and Spain currently lead in MiCA registrations, but Belgium may gain momentum if other banks follow KBC’s path.
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Conclusion: A New Era of Bank-Backed Digital Assets
The convergence of traditional banking and regulated cryptocurrency services marks a pivotal shift in Europe’s financial architecture. With KBC Bank pushing forward on retail crypto access and Caceis enabling institutional participation under MiCA, the lines between legacy finance and decentralized technology continue to blur.
As more banks assess their digital strategies, consumer demand for seamless, secure, and compliant crypto experiences will drive further innovation. Regulatory clarity under MiCA ensures this evolution happens responsibly—balancing innovation with investor protection.
For users, this means safer access to digital assets through trusted institutions. For the industry, it signals that the era of mainstream crypto integration has officially begun.