The Bank of the Netherlands has granted Qivalis an electronic money institution license, marking a significant regulatory milestone for the Amsterdam-based company. According to reports from CoinDesk, this license brings Qivalis closer to issuing euro-denominated electronic money tokens (EMTs), a regulated form of stablecoin. With the EMI authorisation now secured, issuance of Qivalis' EMT is planned to begin within the next months, subject to the applicable requirements under the Markets in Crypto-Assets Regulation (MiCA) and publication of the White Paper. The company must still meet remaining requirements under the European Union's MiCA regulation before launching its token through banks, cryptocurrency exchanges and payment providers. As per the latest reports, Qivalis announced the Dutch electronic money institution authorization on October 14, 2026, with the company explicitly stating it does not currently issue electronic money or provide payment services to the public.
The consortium backing Qivalis has expanded to 37 European banks across 15 countries, including major institutions such as BBVA, BNP Paribas, ING and DZ Bank. As reported by CoinDesk, the consortium's size provides access to a large banking network, although Qivalis has not yet revealed which members will use the token or how much money they expect to move through EMTs. The company has also selected Fireblocks to provide digital asset infrastructure for its operations. Qivalis was founded in September 2025 and is headquartered in Amsterdam, operating independently with oversight and infrastructure firmly rooted in Europe. According to the latest analysis, the 37 bank backers represent an ownership or sponsorship figure, not a count of active distribution channels, meaning that actual adoption depends on separate commercial agreements with each partner for token distribution and redemption.
Under the European Union's Markets in Crypto-Assets regulation, all EMTs are stablecoins, but not all stablecoins are EMTs, as explained by the U.K. parliament. According to CoinDesk, EMTs are pegged to a single official currency, such as the euro or U.S. dollar, while other types of stablecoins can be linked to baskets of currencies or other assets. EMTs must be issued by authorized credit institutions or electronic money institutions, which means holders have a legal claim against the issuer and the right to redeem their tokens at face value at any time. However, EMTs cannot pay interest under MiCA. Qivalis will operate a B2B2X model and distribute its EMT through eligible counterparties including banks, exchanges, payment service providers and market infrastructure participants. The latest analysis emphasizes that a license is the start of issuance, not the launch, as the token still awaits white paper publication and actual distribution implementation.
As reported by CoinDesk, Qivalis plans to distribute its token through banks, cryptocurrency exchanges and payment providers rather than directly to consumers. The company's approach aligns with the MiCA framework, which requires that issuers meet applicable rules to lawfully offer their tokens to the public in the EU. Dollar-backed stablecoins such as USDC can also qualify as EMTs under MiCA if they meet the EU's requirements. Qivalis will distribute its EMT through eligible counterparties including banks, exchanges, payment service providers and market infrastructure participants. The latest analysis notes that no contract address, first mint, initial circulating supply or customer launch date appears in the October 14 release, with the company stating it does not currently issue electronic money or provide public payment services.
According to CoinDesk, Qivalis CEO Jan-Oliver Sell stated that "Europe's currency deserves Europe's rules, onchain." The company believes Europe should have a euro-denominated onchain settlement asset issued under European law and subject to European regulatory standards. "With this authorisation, Qivalis has taken a very important step towards issuing a euro-denominated EMT," Sell emphasized. "As financial activity moves on-chain, the rules and supervision governing that infrastructure become a question of European autonomy. We believe Europe should have a euro-denominated on-chain settlement asset issued under European law and subject to European regulatory standards." This regulatory-first approach positions Qivalis to offer banks and payment companies a way to transfer euros using blockchain technology while maintaining compliance with European banking and financial regulations. The latest analysis frames the project as euro payment autonomy, with the company emphasizing that commercial users may value the European legal and supervisory structure even if a dollar token is more liquid today.
