According to a ChainCatcher report citing Bitcoin Magazine, KBC Group, Belgium's second-largest bank, has announced that it will offer Bitcoin and Ethereum trading services to retail clients through its online investment platform, Bolero, making it the first bank in the country to provide such services. The service is scheduled to launch during the week of February 16 and will operate within the regulatory framework of the EU's Markets in Crypto-Assets (MiCA) regulation. KBC stated that it has submitted a complete notification to the authorities as a crypto-asset service provider. The service will operate on an "execution-only" model, where clients must make their own investment decisions and complete a risk knowledge and experience test before trading. To reduce the risks of fraud and money laundering, the platform will use a "closed-loop" model, allowing clients to only buy and sell within the Bolero platform, and not transfer assets to external wallets or exchanges. Asset custody will also be provided by the bank.
Belgium's KBC Becomes First Bank to Offer Retail Crypto Trading
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Summary
Belgium's KBC Group, the country's second-largest bank, will offer Bitcoin and Ethereum trading to retail clients through its Bolero platform, becoming the first Belgian bank to provide such services. The service, launching on February 16, will comply with MiCA and include a complete CFT notification to regulators. KBC's execution-only model requires clients to pass a risk assessment before they can trade. A closed-loop system will prevent external transfers and utilize bank-backed custodial services to reduce the risks of fraud and money laundering.
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