A Dutch e-money licence is now the working route to a bank-grade euro stablecoin, and the Qivalis approval shows exactly where the route narrows. If you are weighing an EMI against a credit institution licence for an e-money token (EMT) issuer, read this before you assume the licence is the finish line.
Press reports on 14 October 2026 say De Nederlandsche Bank (DNB) has authorised Qivalis, a bank-backed consortium, as an electronic money institution, and that the group intends to issue a euro stablecoin. Reports put its membership at 37 European banks. We have not seen a DNB press release, so treat the member count and the exact decision date as unconfirmed until the DNB register of electronic money institutions shows the entry.
Why the licence does not equal a launch
Under Regulation (EU) 2023/1114 (MiCA), an EMT cannot be offered to the public in the EU unless the issuer is authorised as a credit institution or an electronic money institution, and has published a white paper that has been notified to its competent authority. The text of the regulation is on EUR-Lex. Authorisation is the first gate. The white paper notification is the second, and it carries a lead time of at least 20 working days before publication under Article 51.
Reports say Qivalis has not yet completed that step and describes issuance as planned in the coming months. That is a company forecast, not a regulatory date.
Which licence should an EMT issuer hold?
For most founders the realistic choice is between a full EMI and a banking licence. An EMI is the lighter route and is how a non-bank issuer reaches MiCA's EMT category. The trade-off is that an EMI issuer is also an e-money firm in the ordinary sense, so safeguarding of client funds, redemption at par on request and own-funds rules all apply from the first day. A bank consortium can absorb those obligations more easily than a start-up can.
Three practical points follow for a licensing decision:
- Budget time for the white paper as a separate workstream, not an afterthought to the licence application.
- Decide early whether you are the issuer or a distributor. Firms that only distribute or trade someone else's EMT sit under a different part of MiCA, the crypto-asset service provider regime.
- Check the home regulator's practice. Supervisors apply the same regulation with different timetables and expectations, which is the reason issuers shop between member states.
What this means for Dutch and EU planning
The Netherlands has now authorised a high-profile stablecoin issuer as an EMI, which makes it a credible home state for EMT issuance alongside its established payments sector. You can compare the national picture on our Netherlands e-money page and the crypto-asset side on the Netherlands crypto page, then set it against other member states in the e-money comparison. For a decision specific to your structure, our bespoke reports answer one exact question.
Informational only, not legal advice. Verify with qualified counsel before acting.