Qivalis wins Dutch EMI authorization for euro stablecoin

Qivalis said it has received authorization from De Nederlandsche Bank to operate as an Electronic Money Institution, clearing a key regulatory step toward issuing a euro-denominated electronic money token. The Amsterdam-based company expects issuance to begin in the next few months, subject to MiCA requirements and publication of its white paper.

Why it matters: - The authorization puts Qivalis one step closer to launching a regulated euro-denominated on-chain settlement asset under European oversight. - The approval also matters for Europe’s push to keep payment infrastructure and digital money standards within European legal and regulatory control. - Qivalis can now issue euro-denominated electronic money tokens, or EMTs, as an authorized Electronic Money Institution.

What happened: - Qivalis announced that De Nederlandsche Bank granted the company authorization as an Electronic Money Institution. - The Amsterdam-based company is backed by 37 European banks across 15 countries. - Qivalis said it is now subject to ongoing supervision by DNB. - The company said issuance of its EMT is planned to begin within the next few months.

The details: - Qivalis was founded in September 2025 and is headquartered in Amsterdam. - The company said regulatory compliance has been built into its architecture from the start. - EMT issuance will still need to satisfy the requirements of the Markets in Crypto-Assets Regulation, or MiCA. - Qivalis also said publication of the White Paper is required before issuance. - The company said it will operate a B2B2X model. - Qivalis plans to distribute the EMT through eligible counterparties including banks, exchanges, payment service providers and market infrastructure participants. - Governance sits with an independent management team and a supervisory board with independent representation. - Sir Howard Davies, former chairman of NatWest Group and the UK Financial Services Authority, chairs the supervisory board. - Qivalis described the structure as designed for resilience and interoperability across European markets.

Between the lines: - The authorization gives Qivalis a regulatory base before launch, which can reduce execution risk for a stablecoin-style product aimed at institutional distribution. - The company’s framing emphasizes European autonomy and European-law issuance, signaling a strategy built around compliance and regional policy priorities rather than consumer crypto growth. - The B2B2X model suggests Qivalis is targeting financial intermediaries first, not direct retail distribution.

What's next: - Qivalis said it expects to start issuing the EMT in the coming months. - The launch timeline now depends on final MiCA requirements and the release of the White Paper. - The company will continue operating under DNB supervision as it moves toward issuance.