Dutch central bank grants Qivalis e-money license for MiCA-compliant euro token
Source: CoinDesk ·
From the source
Backed by BBVA, BNP Paribas, and ING, Qivalis secured Dutch regulatory authorization to offer onchain euro settlement infrastructure. Qivalis, the consortium backed by 37 major European banks, will soon be able to issue euro-denominated electronic money tokens (EMTs), a regulated form of stablecoin. The Amsterdam-based company said that the Bank of the Netherlands (DNB) had granted it an electronic money institution license. Qivalis must still meet the remaining requirements under the European Union’s Markets in Crypto-Assets (MiCA) regulation, including publishing a white paper, before issuing its token, which it plans to do in the coming months. The Dutch license brings Qivalis closer to offering banks and payment companies a way to transfer euros using blockchain technology. The consortium’s size gives it access to a large banking network, although Qivalis has yet to reveal which members will use the token or how much money they expect to move through EMTs. Under MiCA, all EMTs…