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Qivalis has secured an electronic money institution license from the Dutch central bank, advancing plans for a regulated euro stablecoin. The Amsterdam-based consortium announced the authorization on October 14, bringing its proposed blockchain settlement token closer to launch. Backed by 37 European banks in 15 countries, Qivalis aims to help financial institutions transfer euros through blockchain networks.
The license from De Nederlandsche Bank allows Qivalis to operate as an electronic money institution under regulatory supervision. However, the company must complete remaining European Union requirements under the Markets in Crypto-Assets Regulation, including publishing a white paper. Qivalis expects to issue its euro-denominated electronic money token in the coming months, subject to those outstanding requirements.
Qivalis counts major financial institutions such as BBVA, BNP Paribas, ING and DZ Bank among its backers. The consortium plans to distribute the token through banks, cryptocurrency exchanges and payment service providers rather than directly to consumers. It has also selected Fireblocks to provide digital asset infrastructure for the initiative.
The proposed token would maintain a one-to-one value with the euro, supporting regulated on-chain settlement. Qivalis hopes to provide European institutions with another option for blockchain-based payments and tokenized financial services. The company has not yet disclosed which consortium members will use the token or expected transaction volumes.
Under MiCA, electronic money tokens must reference a single official currency and meet specific issuer requirements. Holders receive a legal claim against the issuer and can redeem tokens at face value. The regulation also prohibits issuers from paying interest to electronic money token holders.
Qivalis CEO Jan-Oliver Sell said, “Europe's currency deserves Europe's rules, onchain.” His statement reflects the consortium’s goal of building euro settlement infrastructure under European law and regulatory standards.
The license marks an important regulatory step, but it does not mean the token can launch immediately. Qivalis must satisfy the remaining MiCA requirements before public issuance, while its distribution network and adoption plans develop.
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