Qivalis Gets Dutch Banking License but Cannot Launch Stablecoin Yet
One step closer, but not there yet
Qivalis, a company backed by European banks, received an electronic money institution license from De Nederlandsche Bank, the Dutch central bank, on Oct. 14. The license is one required step toward launching its planned euro stablecoin.
However, Qivalis cannot issue the token yet. Under EU rules known as MiCA, the company must also publish a white paper before offering the token to the public. No launch date has been set.
What the company says
Qivalis stated that issuance of its euro-denominated electronic money tokens is planned "within the next months," subject to MiCA requirements and white paper publication.
- The company has 37 European banks across 15 countries as backers
- It has not yet started issuing electronic money or providing payment services to the public
- The token will be distributed through a B2B2X model: Qivalis issues the token, while partner banks and exchanges reach end users
- No fixed launch date was announced
Regulatory steps still ahead
Under MiCA Article 48, an issuer needs authorization as a credit institution or electronic money institution, plus notification and publication of a white paper, before making a public offer. Specific exemptions apply, but the general rule requires both conditions to be met.
DNB's guidance also requires notifying the regulator of the intention to issue a token and submitting the white paper. The document must describe the issuer, the token, holders' rights and obligations, the technology behind it, and associated risks.
MiCA Article 51 states that authorities must not require prior approval of EMT white papers before publication. So Qivalis must notify regulators and publish the paper, but the regulator does not need to approve it first.
Who will have access
Qivalis listed categories of eligible counterparties — banks, exchanges, payment service providers, and market-infrastructure participants — but did not name specific institutions. The size of the consortium does not determine which individual banks will offer the token or when customers will gain access.
Why this matters
The situation illustrates how crypto companies operating in the EU must navigate multiple regulatory layers. Even with a banking license in hand, a stablecoin issuer cannot launch without satisfying additional disclosure and notification requirements under MiCA. It shows the EU's approach: licensing is necessary but not sufficient.
What happens next
Qivalis plans to publish its white paper and notify DNB of its intent to issue tokens. Once those steps are complete, the company says issuance could begin "within the next months." The exact timeline remains unclear.
Source
Newisty Editorial Team covers technology, cryptocurrency, digital products, online platforms, developer tools and the wider digital economy. Our content is researched from official sources, company announcements, public documentation, market data and other primary or reputable sources. Articles are reviewed and edited before publication for clarity, accuracy and useful context.
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