Qivalis, a consortium of 37 European banks, has received an electronic money institution license from the Dutch central bank. The license moves it closer to issuing a euro-denominated token, though it must still publish a white paper before launch.
Qivalis, the bank-backed venture planning a euro stablecoin, secured an electronic money institution license from the Bank of the Netherlands (DNB). The Amsterdam-based company announced the approval on Oct. 14.
The license clears a prerequisite for issuing a euro-denominated electronic money token under the European Union's Markets in Crypto-Assets regulation, or MiCA. However, Qivalis must still meet the remaining requirements, including publishing a white paper, and plans to issue its token in the coming months.
Banks and payment firms, not consumers
Qivalis plans to distribute its token through banks, cryptocurrency exchanges and payment providers rather than directly to consumers. The company says it does not currently issue electronic money or provide payment services to the public.
The consortium has expanded to 37 European banks, including BBVA, BNP Paribas, ING and DZ Bank, since its founding in September 2025. Qivalis has yet to reveal which members will use the token or how much money they expect to move through it.
According to CEO Jan-Oliver Sell: "Europe's currency deserves Europe's rules, onchain."
What MiCA requires of token issuers
Under MiCA, holders of electronic money tokens can redeem them at face value at any time, and the tokens cannot pay interest. Before issuing, according to DNB's MiCA guidance, an issuer must also notify its supervisor and submit a token white paper to the competent authorities.
Sources: CoinDesk, The Defiant
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