Qivalis has obtained an electronic money institution authorization from the Dutch central bank, a regulatory step that clears the way for a euro-denominated stablecoin, with issuance planned in the coming months subject to further MiCA requirements.
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Qivalis said it received electronic money institution (EMI) authorization from the Dutch central bank, known as De Nederlandsche Bank (DNB). EMI status is the licensing category through which firms in the European Union can issue electronic money, and under the EU's Markets in Crypto-Assets regulation (MiCA) it is also the route used to issue e-money tokens — stablecoins pegged to a single official currency. In practice, this means Qivalis would operate under Dutch prudential supervision rather than relying on a lighter registration regime. The company framed the authorization as the step that enables it to launch a euro-denominated stablecoin.
Qivalis stated that issuance is planned for the coming months, but subject to additional MiCA requirements. MiCA's rules for asset-referenced tokens and e-money tokens became applicable on 30 June 2024, setting a common EU framework for reserve safeguarding, redemption rights and disclosure. Issuers are generally expected to publish a white paper, hold reserve assets that back outstanding tokens, and allow holders to redeem at par value. Because Qivalis is authorized in the Netherlands, it would also be able to use MiCA's passporting mechanism to offer services in other EU member states, subject to completing the relevant notification procedures.
Euro-denominated stablecoins remain a small part of the overall stablecoin market, which is dominated by tokens pegged to the US dollar. European policymakers and regulators have repeatedly discussed the case for euro-based digital payment instruments, linking them to goals such as reducing dependence on non-EU payment infrastructure and supporting the international role of the euro. For issuers, the main practical questions are distribution — where the token is accepted — and the depth of euro liquidity available to support redemption. Qivalis is positioning its planned token within that emerging, policy-supported segment.
Operating as an EMI under DNB supervision means Qivalis must meet ongoing requirements covering governance, capital and the safeguarding of customer funds. Those obligations continue after authorization: supervisors typically monitor reserve composition, reporting and compliance on a continuing basis. The statement did not specify a launch date, a target market or the technical design of the token, and additional MiCA steps still stand between the authorization and any issuance. For now, the announcement marks a licensing milestone rather than a live product.
An electronic money institution (EMI) authorization is a license that allows a firm to issue electronic money and provide related payment services within the European Union. Under MiCA, this same license category is used by firms issuing e-money tokens, which are stablecoins pegged to a single official currency such as the euro. In Qivalis's case, the license was granted by the Dutch central bank, De Nederlandsche Bank.
Qivalis is being authorized in the Netherlands, so De Nederlandsche Bank acts as its national competent authority under the EU's crypto and payments rulebooks. National authorities issue and supervise these licenses, while MiCA provides the harmonized rules that apply across member states. That structure allows an authorized firm to seek access to other EU markets through the passporting process.
MiCA's stablecoin rules, applicable since 30 June 2024, cover reserve safeguarding, redemption at par, governance and disclosure obligations, including the publication of a white paper. Issuers must ensure that tokens in circulation are backed by appropriate reserve assets and that holders can redeem them. Qivalis said issuance remains subject to additional MiCA requirements, meaning some conditions are still to be met before any token goes live.
What the Dutch Authorization Allows
Remaining MiCA Conditions
The Euro Stablecoin Landscape
Supervisory and Operational Implications
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A euro-denominated stablecoin is a digital token designed to maintain a stable value relative to the euro, usually by holding reserves that back the tokens issued. Within the EU, most single-currency stablecoins fall under MiCA's e-money token category, which carries specific requirements on backing and redemption. Such tokens are typically discussed for payments, settlement and tokenized financial assets, though euro-based tokens are far smaller than dollar-pegged ones in current usage.
No. The authorization is described as enabling Qivalis to launch a euro-denominated stablecoin, with issuance planned for the coming months but conditional on further MiCA requirements. The announcement did not include a firm launch date, target market or technical details. Until those steps are completed, the authorization remains a regulatory milestone rather than a live product.
