Belgium’s second-largest bank, KBC Group, is set to become the first bank in Belgium to allow retail clients to buy and sell crypto.
Starting the week of February 16, private investors will be able to trade Bitcoin through Bolero, KBC’s online investment platform.
The offering will operate within a regulated framework under the European Union’s Markets in Crypto-Assets Regulation (MiCAR), positioning KBC as the first Belgian bank to meet the requirements for providing crypto asset services.
KBC said it has submitted a full Crypto Asset Service Provider (CASP) notification to the relevant supervisory authority, clearing the way for the launch.
The bank framed the move as a response to growing demand from retail investors for regulated access to cryptocurrencies, while emphasizing the risks associated with the asset class.
“By offering the opportunity to purchase and sell crypto within a regulated framework, we are making innovation concrete and accessible,” said Erik Luts, chief innovation officer at KBC Group. “At the same time, we are demonstrating that KBC remains ready to assume its role as an innovator in a market where new players are rapidly evolving.”
KBC’s execution-only model
The launch will initially be limited to Bitcoin and Ether and will follow an execution-only model. Bolero customers will make their own investment decisions and will not receive personalized investment advice.
Before being allowed to trade crypto, clients must complete a knowledge and experience test designed to assess their understanding of the risks, including price volatility and the possibility of total loss, the bank said.
KBC and Bolero are adopting a so-called “closed-loop” model aimed at reducing fraud and money-laundering risks. Customers will only be able to buy and sell crypto within the Bolero platform, with no ability to transfer assets to or from external wallets or exchanges.
The bank will also provide custody services, meaning clients will not have to manage private keys themselves.
According to KBC, the move is partly driven by demographic trends. Studies cited by the bank indicate that around 45% of Belgians in their thirties already invest in cryptocurrencies.
Bolero’s customer base skews relatively young, with roughly 60% under the age of 40, and “Bitcoin” ranks among the most searched terms on the platform.
Bolero CEO Céline Pfister said the platform aims to introduce crypto “in an accessible way” while ensuring investors are well informed. At launch, educational materials will be made available through the Bolero Academy.
In a similar move, Germany’s second-largest lender DZ Bank secured authorization under the EU’s Markets in Crypto-Assets Regulation earlier last year, enabling it to launch a retail crypto trading platform across the country’s cooperative banking network.
The BaFin-approved “meinKrypto” platform will allow Volksbanken and Raiffeisenbanken customers to trade Bitcoin and other cryptocurrencies directly within their existing banking apps, subject to individual bank notifications.