Dutch central bank grants Qivalis e-money license for euro token

Europe’s largest banking consortium has cleared a crucial regulatory hurdle to launch a blockchain-native euro token under strict EU rules that prohibit interest payments and require redemption at face value. This moves a systemic financial settlement tool closer to production, testing whether traditional finance will adopt tokenized currency at scale.

• The Bank of the Netherlands approved Qivalis, a 37-bank consortium, as an electronic money institution under MiCA regulations.
• Qivalis must publish a white paper and meet remaining EU requirements before issuing its euro-denominated electronic money token in coming months.
• The token will distribute through banks, exchanges and payment providers rather than to retail customers, targeting institutional settlement flows.

• 37 Major European banks backing Qivalis since its founding in September 2025
• €1 Value peg for Qivalis tokens under MiCA requirements, no interest allowed

CoinDesk reported that the Bank of the Netherlands (DNB) granted Qivalis an electronic money institution license, moving the Amsterdam-based consortium toward issuing euro-denominated electronic money tokens, a regulated class of stablecoin. Qivalis, founded in September 2025 and now backed by 37 major European banks including BBVA, BNP Paribas, ING and DZ Bank, must still meet remaining European Union requirements under the Markets in Crypto-Assets (MiCA) regulation before launch. The consortium plans to distribute its token through banks, cryptocurrency exchanges and payment providers rather than directly to consumers, positioning it as a settlement tool for institutional use.

Dutch approval clears the path for a regulated euro token under MiCA

The electronic money institution license from the DNB represents the final major regulatory gate before Qivalis can issue its token. Under MiCA, electronic money tokens must be pegged to a single official currency, such as the euro, and holders retain a legal claim against the issuer with the right to redeem tokens at face value at any time. The regulation prohibits EMTs from paying interest, distinguishing them from other stablecoins that may link to multiple currencies or assets.

Qivalis CEO Jan-Oliver Sell stated in a company communication that “Europe’s currency deserves Europe’s rules, onchain,” adding: “We believe Europe should have a euro-denominated onchain settlement asset issued under European law and subject to European regulatory standards.”

Europe’s currency deserves Europe’s rules, onchain. We believe Europe should have a euro-denominated onchain settlement asset issued under European law and subject to European regulatory standards.

Jan-Oliver Sell, Qivalis CEO

Remaining EU compliance steps before the token reaches market

Although Qivalis holds its electronic money institution license, the consortium must publish a white paper and satisfy all remaining MiCA requirements before launching its token. The timeline remains unspecified beyond “coming months,” and Qivalis has not disclosed which consortium members will actually use the token or what transaction volumes it expects to move through electronic money tokens.

The consortium selected Fireblocks to provide digital asset infrastructure, giving it institutional-grade custody and settlement capabilities. Dollar-backed stablecoins such as USDC can also qualify as EMTs under MiCA if they meet EU requirements, but issuers that do not meet applicable rules cannot lawfully offer their tokens to the public in the EU.

A test of institutional blockchain adoption at scale

The Qivalis token will function as a blockchain-native settlement asset for banks and payment providers, bypassing retail channels entirely.

This structure differs from consumer-facing stablecoin models and focuses on whether 37 of Europe’s largest financial institutions will actually route material volumes of euros through a tokenized form. The scale of the consortium gives Qivalis access to an extensive banking network, but the actual usage by member banks remains unknown.

The BlockWest read. We see institutional adoption as the test Qivalis must pass. A license proves regulatory compliance; usage proves market need. The consortium’s size is irrelevant if member banks decline to migrate settlement flows onchain. Watch whether the white paper and launch disclosures name which major banks will route euros through the token and in what volumes.

Qivalis has committed to publishing its white paper and launching the token in the coming months. The real measure of success will be the announcement of which consortium members begin using it for settlement and the first reported transaction flows across the network.

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