Qivalis has received approval from the Dutch central bank to operate as an electronic money institution, advancing its plans to introduce a regulated euro-based token for blockchain payments. The consortium is backed by 37 major European banks, including BBVA, BNP Paribas and ING.
The Amsterdam-based company confirmed that De Nederlandsche Bank (DNB) had granted the license, allowing it to move closer to issuing euro-denominated electronic money tokens (EMTs). Before launching, however, Qivalis must complete the outstanding requirements under the European Union’s Markets in Crypto-Assets (MiCA) regulation, including publishing a white paper. The company expects to issue the token in the coming months.
The approval brings Qivalis closer to providing banks and payment companies with a blockchain-powered system for transferring euros. Its broad network of financial institutions could help the token gain traction, although the consortium has not disclosed which member banks plan to adopt it or the amount of transactions they expect to handle.
MiCA distinguishes electronic money tokens from other stablecoins. EMTs are pegged to the value of a single official currency, such as the euro or the U.S. dollar, while other stablecoins may be linked to a range of currencies or assets. Although all EMTs qualify as stablecoins under the EU framework, not every stablecoin qualifies as an EMT.
Only authorized credit institutions and electronic money institutions can issue EMTs under the rules. Holders are entitled to make a legal claim against the issuer and redeem their tokens at face value at any time. The regulation also prevents EMT issuers from paying interest.
Dollar-pegged tokens such as USDC may qualify as EMTs in the European Union if their issuers satisfy the relevant regulatory standards. Tokens that fail to meet the requirements cannot legally be offered to the public across the bloc.
Qivalis CEO Jan-Oliver Sell said Europe needs a euro-denominated settlement asset that operates on blockchain networks while remaining subject to European laws and regulatory oversight. He argued that the region’s currency should be supported by its own rules as financial services increasingly move onchain.
Rather than distributing the token directly to retail customers, Qivalis intends to work through banks, cryptocurrency exchanges and payment providers.
Since launching in September 2025, the consortium has expanded to 37 European banking institutions, including BBVA, BNP Paribas, ING and DZ Bank. It has also selected Fireblocks to supply the digital asset infrastructure for the planned token.
