EU Banking Consortium Qivalis Secures E-Money License to Accelerate Stablecoin Issuance
Summary
- Qivalis, which includes 37 major European banks, said it had obtained electronic money institution (EMI) authorization from De Nederlandsche Bank, the Dutch central bank.
- Qivalis plans to issue a euro-denominated electronic money token (EMT) within the next few months and must meet the requirements of the EU's MiCA regulation.
- Qivalis aims to distribute the EMT through banks, cryptocurrency exchanges and payment service providers to offer a blockchain-based euro payment instrument.
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Qivalis, a consortium of 37 major European banks, has secured a license from the Dutch central bank for stablecoin issuance.
CoinDesk reported on Oct. 14 that Qivalis had obtained authorization as an electronic money institution, or EMI, from De Nederlandsche Bank. The approval satisfies a key regulatory requirement for issuing a euro-denominated stablecoin.
Qivalis plans to issue a euro-denominated electronic money token, or EMT, within the next few months. Before launch, it must still meet the remaining requirements under the European Union's Markets in Crypto-Assets, or MiCA, framework, including publishing a white paper.
An EMT is a type of stablecoin pegged to a single fiat currency. Holders can request redemption from the issuer at face value, and interest payments on EMT holdings are prohibited.
Qivalis plans to distribute the EMT through banks, cryptocurrency exchanges and payment service providers. The aim is to provide a blockchain-based payment instrument that allows banks and payments companies to use euros on-chain.
Qivalis, which is based in Amsterdam, was established in September last year. Consortium participants include BBVA, BNP Paribas, ING and DZ Bank.
JOON HYOUNG LEE
gilson@bloomingbit.ioCrypto Journalist based in Seoul