Dutch regulator grants Qivalis euro stablecoin license

The Dutch central bank granted Qivalis, backed by BBVA, BNP Paribas, and ING, an e-money institution license under MiCA for a euro stablecoin, marking a significant step for institutional onchain euro settlement. However, this progress is juxtaposed with France's proposal of a 31.4% tax on regulated stablecoins, raising concerns about penalizing compliance and pushing activity offshore. Ceres Quinn also dissects the varying figures for the tokenized equity market and highlights the true value of tokenized assets: 24/7 access. Key Highlights: • The Dutch central bank granted Qivalis, backed by BBVA, BNP Paribas, and ING, an e-money institution license under MiCA for a euro stablecoin, though its launch is still conditional. • France is proposing a 31.4% tax on regulated stablecoins, which could penalize compliant firms and drive activity to unregulated offshore channels. • Varying reports on the tokenized equity market size (e.g., $2.3 billion vs $3.3 billion) underscore the importance of understanding the scope of what is being measured. • The real product innovation in tokenized equities is 24/7 access, with over half of trading occurring outside U.S. market hours, as demonstrated by IMF analysis. Topics: RWA, MiCA, Euro stablecoin, Qivalis, Tokenized equities, France tax, Regulated stablecoins, BNY Mellon, Citadel Securities, Federated Hermes, Onchain settlement, Market supervision --- Follow Ceres Quinn on Instagram: @ceresquinn Newsletter: https://cryptorwabrief.beehiiv.com