The Dutch Central Bank has approved the Qivalis electronic currency institution’s license. This represents another step forward in the issuance of euro-based stablecoins.

The Dutch National Bank (DNB) issued an electronic money institution license to the Qivalis Alliance on October 14th. This alliance is supported by 37 major European banks. This approval means that the alliance is one step closer to issuing euro-based electronic currency tokens, which are regulated stablecoin instruments. However, Qivalis still needs to meet the remaining requirements of the EU’s Cryptocurrency Markets Regulation Act (MiCA), including releasing a whitepaper. According to the plan, the company will use banks, cryptocurrency trading platforms, and payment services to distribute the tokens in the coming months, rather than directly targeting consumers.<br /> <br /> Under the EU MiCA framework, electronic currency tokens must be pegged to a single legal currency and can only be issued by authorized credit institutions or electronic money institutions. Holders can redeem the tokens at face value at any time, and such tokens do not generate interest. The Qivalis Alliance was established in September 2025, and since then, its members have grown to 37 European banks, including BBVA, BNP Paribas, ING, DZ Bank, etc. Additionally, the alliance has chosen Fireblocks to provide infrastructure for digital assets.