Dutch Central Bank Approves Qivalis for MiCA-Compliant Euro Token
- Qivalis has received an e-money license from the Dutch central bank to issue a euro-denominated token.
- Under MiCA, European Monetary Tokens (EMTs) are stablecoins pegged to a single official currency, like the euro or U.S. dollar.
- EMTs must be issued by authorized credit institutions, ensuring holders have legal claims against the issuer.
- Qivalis plans to distribute its token through banks and cryptocurrency exchanges, not directly to consumers.
- The consortium backing Qivalis has expanded to include 37 European banks since its founding in September.
The approval of Qivalis under MiCA highlights the regulatory framework for stablecoins in Europe, where only compliant issuers can offer tokens publicly. This move aims to establish a secure and regulated digital asset environment within the EU.
With its e-money license, Qivalis is positioned to operate within EU regulations while expanding its partnerships with major banks like BBVA and BNP Paribas. (Source)
