Central Bank of the Netherlands grants Qivalis an e-money license for euro token under MiCA

Backed by BBVA, BNP Paribas and ING, Qivalis secures Dutch regulatory approval to provide settlement infrastructure for the euro-zone chain

Qivalis, a consortium backed by 37 major European banks, could soon issue Euro Electronic Money Tokens (EMT), a regulated form of stablecoin.

The Amsterdam-based company said that the Bank of the Netherlands (DNB) has granted it an electronic money institution license. Qivalis still needs to meet the remaining requirements under the EU Markets in Crypto Assets (MiCA) regulation, including publishing a white paper, before issuing the token, which it plans to do in the coming months.

The Dutch license brings Qivalis closer to offering banks and payment companies a way to transfer euros using blockchain technology. The size of the consortium gives it access to a large banking network, although Qivalis has not yet disclosed which members will use the token or how much money they expect to move through EMT.

Under MiCA, all EMTs are stablecoins, but as the UK Parliament has clarified, not all stablecoins are EMTs. EMTs are pegged to a single official currency such as the Euro or US Dollar, while other types of stablecoins can be pegged to a basket of currencies or other assets. EMT must be issued by authorized credit institutions or electronic money institutions, which means that holders have a legal claim against the issuer and the right to redeem their tokens at face value at any time. EMTs cannot pay interest under MiCA.

Dollar-backed stablecoins such as USDC can also qualify as EMTs under MiCA if they meet EU requirements. Issuers that do not comply with applicable laws cannot legally offer their tokens to the public in the European Union.

"The European currency deserves European rules," said Jan-Oliver Sell, CEO of Qivalis. We believe that Europe should have a Euro-based on-chain settlement asset that is based on European law and subject to European regulatory standards.

Qivalis plans to distribute its token through banks, cryptocurrency exchanges and payment providers rather than directly to consumers.

Since its establishment in September 2025, the consortium has expanded to include 37 European banks, including BBVA, BNP Paribas, ING and DZ Bank. It has also selected Fireblocks to provide digital asset infrastructure.

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