KBC Embraces Cryptocurrency with Launch of Retail Trading in Belgium

Belgium’s KBC Bank is prepared to introduce cryptocurrencies to average investors. According to reports from Belga News Agency, the bank will allow retail customers to acquire Bitcoin and Ether via its Bolero platform starting this fall.

This is a first for a major Belgian financial institution. Until now, individuals in Belgium have had to rely on international entities such as Coinbase, Binance, or digital banks like Revolut and Bunq for crypto access.

Regulatory Approval On Horizon

As per De Tijd, KBC is pursuing gaining authorization as a digital currency service provider under the EU’s new Markets in Crypto‑Assets (MiCA) regulations.

The bank anticipates a positive response from overseers by this fall. If everything proceeds smoothly, Bolero users will discover a new “Crypto” section in their accounts where they can select the amount of Bitcoin or Ether to purchase.

KBC states that it is implementing safeguards surrounding security and know‑your‑customer protocols to adhere to anti‑money laundering regulations.

Image: Bryan O'Brien.

Rivalry And Caution

Other prominent Belgian banks are observing attentively. Belfius has expressed interest in incorporating BTC through its Rebel app, although ING and BNP Paribas Fortis remain inactive for the time being.

Retail investors have been urging their banks to provide crypto services for some time. KBC’s initiative could trigger a surge of similar offerings, or it may stand alone if regulators proceed slowly.

Young Investors Fuel Interest

Demand for bitcoin is highest among younger Belgians. A recent survey conducted by the Financial Services and Markets Authority discovered that 43% of individuals under 29 are already investing in crypto, with that figure rising to 45% for those under 30.

Many individuals claim they feel more at ease trading well-known coins like Bitcoin rather than venturing into lesser-known tokens. KBC aspires to attract more clients to Bolero with these statistics as it adds the digital currency feature.

Pending MiCA endorsement, KBC intends to launch its trading function on Bolero this fall. Industry watchers will be keen to see if other Belgian banks follow suit or take a more cautious approach.

Featured image from Unsplash, chart from TradingView

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