Qivalis, a digital asset company backed by a consortium of European banks, has obtained an electronic money institution (EMI) licence from the Dutch central bank, clearing a key regulatory hurdle for its planned euro-denominated stablecoin while leaving further requirements to be met before issuance can begin.

The Amsterdam-based company announced on October 14, 2026, that De Nederlandsche Bank (DNB) had authorised it as an EMI, placing it under the regulator's ongoing supervision. An EMI authorisation permits a firm to issue electronic money and provide payment services under continuous central bank oversight. Qivalis is supported by 37 European banks from 15 countries, making it Europe's largest stablecoin project by the number of backers, and it plans to begin issuing its stablecoin in the coming months, subject to the European Union's Markets in Crypto-Assets Regulation (MiCA) and the publication of a white paper.

Licence Does Not Yet Permit Public Issuance

The authorisation does not mean the token is ready for public use. Qivalis has not yet begun issuing electronic money or providing payment services to the public, and it has not announced a fixed launch date. Issuance can begin only once the outstanding requirements have been met.

Under MiCA, issuers of electronic money tokens (EMTs) — a category of stablecoin pegged to an official currency — must meet the applicable regulatory requirements and publish the required disclosures before offering their tokens to the public or seeking admission to trading. The framework, whose stablecoin provisions have applied since June 2024, requires EMT issuers to hold authorisation as a credit institution or an EMI in an EU member state, making the DNB licence a prerequisite for compliant issuance rather than the final step. MiCA's passporting rules also allow an issuer authorised in one member state to offer its tokens across the EU once those requirements are satisfied. The white paper is expected to outline the token's features, the rights and obligations of holders, the underlying technology, and the risks associated with its use.

CEO: "Europe's Currency Deserves Europe's Rules – On-Chain"

"Europe's currency deserves Europe's rules – on-chain," said Jan-Oliver Sell, CEO of Qivalis. "With this authorisation, Qivalis has taken a very important step towards issuing a euro-denominated EMT. 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. Today marks an important step towards making that a reality."

Distribution Through Banks, Exchanges and Payment Providers

Qivalis plans to distribute the stablecoin through eligible banks, cryptocurrency exchanges, payment service providers, and market-infrastructure firms. The company will issue the token, while its partners will connect it to end users.

The initiative aims to provide a regulated, euro-denominated digital asset for payments and on-chain settlement in a market currently dominated by dollar-backed stablecoins — dollar-pegged tokens such as Tether's USDT and Circle's USDC account for the bulk of global stablecoin circulation, while euro-denominated tokens have so far made up only a small fraction of the market. The project's bank backing provides an established institutional network, but the timing of its launch will depend on completing the remaining regulatory steps and establishing distribution through its partners.

The EMI authorisation therefore marks progress towards issuance rather than a completed launch. Qivalis has said it expects to begin issuing the token in the coming months, without specifying a date.

Source: BitcoinKE