@Eatsbluecrayon @annecavicchi @dnparadice @thomasfuchs
Kobo does allow that IF (and only if) the publisher decides to make the book available without DRM. It's not Kobo who has chosen DRM, but they have supplied the means I suppose.

Source of knowledge: One of my wife's books that got indie published is available on Kobo without DRM - you buy it and download it, you get an ePub.