Fiat Republic Netherlands , a fiat-to-crypto payment infrastructure provider, has announced that its E-Money Tokens (EMTs) for the euro (ENEUR) and pound sterling (ENGBP) are now available to members.
A US dollar version (ENUSD) is under development.
The launch allows members to access liquidity in EUR, GBP and USD on a 24/7 basis in line with the EU’s Markets in Crypto-Assets Regulation (MiCAR).
The company has received approval from the Autoriteit Financiële Markten (AFM), the Dutch financial markets authority, to provide custody, administration and transfer services for EMTs under MiCAR.
This approval follows authorisation from the Dutch Central Bank (DNB) for the issuance and redemption of EMTs under its Electronic Money Institution (EMI) license.
Together, these approvals make Fiat Republic one of the first firms in Europe authorised to provide regulated custody and administration of E-Money Tokens.
MiCAR introduces safeguarding rules across the EU, requiring crypto businesses to hold a CASP licence and ensure the secure custody of customer funds.
ENEUR and ENGBP are designed to meet these requirements through on-chain custodial wallets integrated into EagleNet, Fiat Republic’s settlement network, which provides uninterrupted access to liquidity.
The tokens are pegged 1:1 to their respective currencies and operate within the EagleNet infrastructure, which also supports corporate liquidity wallets, transaction monitoring, cross-currency management and settlement between members.
Adam Bialy, CEO and Founder of Fiat Republic, said:
“With MiCAR now in force, we’re enabling our Members to safeguard user funds and keep operations moving 24/7. ENEUR and ENGBP combine compliance, liquidity, and efficiency in one tool, and this is just the start of what EagleNet can deliver.”
Featured image credit: Edited by Fintech News Switzerland, based on image by ruslan_ivantsov via Freepik
