Qivalis Gets Dutch License, Euro Stablecoin Still on Hold

Qivalis received an electronic money institution license from De Nederlandsche Bank, the Dutch central bank, on Oct. 14. The authorization meets a licensing requirement for its planned euro-denominated electronic money token, which has not launched.

The company plans to begin issuing the token in the coming months, subject to requirements under the European Union’s Markets in Crypto-Assets Regulation, known as MiCA, and publication of a white paper. Qivalis has not set a launch date.

A disclosure on the company’s website, updated Oct. 14, states that Qivalis has not started issuing electronic money or providing payment services to the public.

Qivalis has identified 37 European banks in 15 countries as supporters of the project. Distribution is planned through eligible banks, cryptocurrency exchanges, payment service providers and financial-market infrastructure firms. These partners would connect the token with end users in a business-to-business-to-consumer model.

The number of supporting banks does not establish which institutions will offer the token to customers or when access will become available. Qivalis would issue the token, while participating institutions would provide distribution and related services.

Under MiCA, issuers of euro-denominated electronic money tokens generally must be authorized as a credit institution or an electronic money institution. They must also notify regulators and publish a white paper before offering the token to the public or seeking its admission to trading. Specific exemptions apply.

Dutch central-bank guidance requires an issuer to notify De Nederlandsche Bank of its intention to issue an electronic money token and submit the related white paper. The document must cover the issuer, the token, holders’ rights and obligations, the technology used and associated risks.

MiCA does not require regulators to approve an electronic money token white paper before publication. For Qivalis, publishing the document and starting issuance are separate steps, and both remain pending.