KBC to open Bitcoin and Ether trading to Belgian retail clients through Bolero

Belgium’s KBC is preparing to offer retail trading in Bitcoin and Ether via its Bolero brokerage starting Feb. 16, deploying an internal custody stack and positioning the move as compliant with the EU’s new crypto regulatory framework. The bank has submitted a notification to Belgian authorities and says it meets the obligations required for a crypto asset service provider, a claim that arrives as national implementing legislation only recently took effect. That timing matters: Belgium formalized its MiCA implementation in December and made the rules legally operative in early January, creating the domestic regulatory scaffolding that KBC now cites. Yet there remains a gap between national approvals and the EU-level transparency that market participants watch closely — ESMA’s register does not yet show Belgian-issued MiCA authorizations. The episode highlights an uneasy transition from pilot projects to routine banking services: legacy institutions are moving faster than cross-border supervisory processes can catalogue them. For retail users, access inside an established bank promises a familiar front-end and a custodial back-end that shifts custody risk onto the institution rather than individual wallets. For KBC, the initiative is both strategic diversification and a test of operational readiness — custody, reporting and compliance systems will be under scrutiny from supervisors and customers alike. The announcement also feeds a broader policy debate in the EU over whether supervision should be centralized at ESMA or remain largely national, a dispute that influences passporting and competitive dynamics across member states. France and others have publicly questioned cross-border recognition of licenses; Malta and similar jurisdictions warn that tighter central control could hamper innovation and competition. Practically, the rollout will likely produce modest immediate trading volumes but outsized signalling value: a major bank offering crypto trading normalizes the asset class for conservative savers and nudges competitors to respond. The longer-term commercial outcome will depend on fee structures, custody assurances, and how harmonized passporting rules evolve, since market access across the bloc remains tied to unresolved supervisory questions. Ultimately, the development is a measured but significant step in bringing regulated crypto trading into mainstream European retail finance, with regulatory clarity and operational resilience now the critical variables.