Qivalis Secures Dutch E-Money License, Coins.ph Faces Regulatory Scrutiny in Philippines

What happened

Qivalis has successfully obtained an Electronic Money Institution (EMI) authorization from Dutch financial regulators. This license permits the company to launch a euro-denominated stablecoin. The issuance of this stablecoin is anticipated in the coming months, contingent upon meeting further MiCA regulatory requirements. Reports indicate that Qivalis, supported by financial institutions including BBVA, BNP Paribas, and ING, plans to utilize this authorization to provide on-chain euro settlement infrastructure.

In the Philippines, Coins.ph, an exchange with a reported customer base exceeding 18 million, is facing regulatory attention from the central bank. The exchange has addressed reports suggesting a possible revocation of its license, stating that its Philippine central bank license remains active. The regulatory scrutiny reportedly centers on allegations that Coins.ph facilitated business transactions linked to restricted offshore gaming and gambling companies.

Why it matters

The Qivalis e-money license represents a step forward for regulated stablecoin issuance within the European Union, specifically in the euro market. The development of a euro-denominated stablecoin, backed by established financial entities, could contribute to the expansion of regulated digital asset offerings and on-chain settlement capabilities. This aligns with broader efforts to integrate digital assets into traditional financial frameworks under European regulations like MiCA.

For Coins.ph, the situation highlights ongoing regulatory challenges within the cryptocurrency sector. Regulatory bodies are increasingly scrutinizing digital asset platforms for compliance with financial regulations, particularly concerning transactions with entities in restricted sectors such as offshore gambling. The outcome of this regulatory review for a major exchange like Coins.ph could have implications for other crypto operators in the Philippines and potentially influence future regulatory enforcement.

Safety notes

Investors considering regulated stablecoins should be aware that issuance is often subject to ongoing regulatory compliance, as noted by Qivalis's need to meet additional MiCA requirements. The operational status and regulatory standing of any platform are critical considerations for users. Reports of regulatory scrutiny, even when an entity asserts its license remains intact, emphasize the dynamic and sometimes uncertain nature of the crypto regulatory landscape. Users should remain informed about the regulatory status of platforms they engage with and understand the associated risks.

Sources

• Qivalis wins Dutch e-money license for euro stablecoin — Cointelegraph
• Dutch central bank grants Qivalis e-money license for MiCA-compliant euro token — CoinDesk
• Coins.ph says Philippine central bank license intact amid revocation claims — Cointelegraph
• Largest Philippines crypto exchange, Coins.ph, said to face central bank regulatory action — CoinDesk