Belgium's KBC Bank is preparing to launch cryptocurrency retail products through its Bolero banking app, positioning itself to potentially become the first Belgian institution to operate as a licensed Crypto-Asset Service Provider (CASP).
KBC's Blockchain Initiatives and Crypto Plans
According to reports, KBC aims to introduce cryptocurrency services by late 2025, pending regulatory approval. The bank brings notable blockchain experience to this endeavor:
- Kate Coin (2022): A private blockchain-based rewards system for Bolero app users
- First-Mover Status: Technically preceded Societe Generale Forge's EU stablecoin in blockchain banking solutions
- Strategic Approach: Focused on seamless integration within existing digital banking infrastructure
While KBC moves forward with retail offerings, other Belgian banks show varying levels of interest:
- ING and Belfius: Actively exploring cryptocurrency products
- BNP Paribas Fortis: Currently no plans for crypto services
Caceis Secures MiCA License for Institutional Crypto Services
In parallel developments, France's Caceis has obtained its Markets in Crypto-Assets (MiCA) license, enabling:
👉 Institutional-grade crypto custody and transaction services
Key capabilities include:
- Digital asset custody
- Order transmission services
- Portfolio integration of traditional and crypto assets
Laurent Majchrzak, Head of Digital Assets at Caceis, emphasizes: "This strengthens our position as a trusted third-party supporting financial market transformation through unified asset management solutions."
The Expanding MiCA Licensing Landscape
Recent MiCA adoption shows rapid acceleration:
- 45 CASP licenses currently listed by ESMA (up from 31 three weeks prior)
- 36 operational CASPs across the EU (some holding multiple licenses)
- 5 bank-owned entities including BBVA, Baader Bank, Commerzbank, N26, and now Caceis
Administrative processing delays between national regulators and ESMA's central registry account for apparent discrepancies in reported license numbers.
FAQ: Understanding the Crypto Banking Developments
Q: When will KBC's crypto services launch?
A: Target late 2025, pending CASP approval from Belgian regulators.
Q: What distinguishes KBC's blockchain experience?
A: Its 2022 Kate Coin implementation using private permissioned blockchain technology for customer rewards.
Q: Which banks currently hold MiCA licenses?
A: Five institutions including BBVA, Commerzbank, and now Caceis, with more approvals expected.
👉 How MiCA is reshaping Europe's crypto landscape
Q: Can traditional and crypto assets be managed together under MiCA?
A: Yes, Caceis specifically highlights this unified portfolio capability as a key advantage.
Q: Are all Belgian banks pursuing cryptocurrency services?
A: No, BNP Paribas Fortis has stated it currently has no crypto product plans.
Strategic Implications for European Crypto Markets
These developments signal two distinct approaches to crypto adoption:
Retail-First Strategy (KBC)
- Leveraging existing mobile banking infrastructure
- Focus on accessibility and user experience
- Potential gateway for mainstream adoption
Institutional-First Approach (Caceis)
- Compliant custody solutions
- Professional-grade transaction capabilities
- Integration with traditional asset management
The accelerating MiCA licensing process demonstrates growing regulatory clarity that's enabling both models to flourish simultaneously across Europe's financial ecosystem.