Qivalis Wins Dutch E Money License, Moving Closer to a MiCA Compliant Euro Stablecoin

Qivalis, a group backed by 37 major European banks including BBVA, BNP Paribas, ING and DZ Bank, has received an electronic money institution license from the Bank of the Netherlands. The Amsterdam based company will soon be able to issue euro denominated electronic money tokens, a regulated type of stablecoin.

Before launch, it still has to meet the remaining requirements under the EU’s MiCA rules, including publishing a white paper, and it plans to issue the token in the coming months. The consortium has grown since its founding in September 2025 and picked Fireblocks for its digital asset infrastructure. It has not yet said which members will use the token or how much money they expect to move through it.

What EMTs Are Under MiCA Rules

Under MiCA, every EMT is a stablecoin, but not every stablecoin is an EMT. EMTs are pegged to a single official currency such as the euro or the US dollar, while other stablecoins may track baskets of currencies or other assets. They must be issued by authorized credit institutions or electronic money institutions, so holders have a legal claim on the issuer and can redeem at face value at any time. They cannot pay interest. Dollar backed coins like USDC can qualify if they meet EU requirements, while issuers that fall short cannot lawfully offer tokens to the public in the EU.

Euro Onchain Settlement and Distribution Plans

Qivalis CEO Jan-Oliver Sell said Europe’s currency deserves Europe’s rules onchain, and that Europe should have a euro settlement asset issued under European law and regulatory standards. The token will be distributed through banks, crypto exchanges and payment providers, not directly to consumers.