Belgium’s KBC bank plans to provide a cryptocurrency retail offering via its Bolero banking app, Les Echo reported. First it needs to get approval as a crypto asset service provider (CASP), which could make it the first Belgian firm to land a license. It hopes to launch the service later in the year.
While its crypto experience might be limited, the bank has a blockchain track record. France’s Societe Generale FORGE is credited as the first European banking affiliate to launch an e-money token – the EU term for a stablecoin. However, one could technically argue that KBC was first, although the two offerings are very different.
Three years ago KBC launched the Kate Coin to users of its Bolero app. Kate Coin is only transferrable between KBC clients and uses private permissioned blockchain technology, whereas SocGen FORGE’s EURCV is closer to a typical stablecoin. The KBC offering was used to provide rewards to Bolero users.
The Belgian reporter asked other local banks about their crypto intentions, with ING and Belfius saying they were considering an offering, but BNP Paribas Fortis has no such plans.
CACEIS get its MiCA crypto license
While KBC is planning a retail crypto offering, the target market of France’s CACEIS is institutional clients. This week it announced that it landed a MiCA license allowing it to provide custody, enable transfers and transmit orders.
Laurent Majchrzak, Group Head of Digital Assets at CACEIS said that “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.”
MiCA licensing activity is accelerating rapidly. ESMA’s official list has grown from 31 CASP licenses three weeks ago to 45 today, though this doesn’t represent a true 50% increase in approvals. The discrepancy stems from administrative delays between national regulators granting licenses and their appearance on ESMA’s central registry. Since some firms hold multiple licenses, the actual number of CASPS licensed to operate throughout the EU currently stands at 36.
Banks account for five of the 36 CASPs. Spain’s BBVA was the first to receive a license in March, followed by Germany’s BaFin granting three licenses in April/May to Baader Bank, Commerzbank and N26. CACEIS rounds out the list.
