Bank-backed company Qivalis said on Oct. 14 that it has received an electronic money institution (EMI) license from De Nederlandsche Bank (DNB), the Dutch central bank.
The authorization meets a licensing condition for its planned token, and the issuer said 37 European banks across 15 countries back it. It plans to begin issuing euro-denominated electronic money tokens (EMTs) “within the next months,” subject to applicable requirements under the EU’s Markets in Crypto-Assets Regulation (MiCA) and publication of its white paper.
Qivalis has not yet begun issuing electronic money or providing payment services to the public, according to its website disclosure updated Oct. 14. Its announcement gives no fixed launch date, leaving the coming-months timetable as a company plan.
Distribution is planned through eligible banks, exchanges, payment service providers and market-infrastructure participants. Qivalis said it would issue the token, while partners would provide the route to end users, in a model known as B2B2X.
The announcement lists categories of eligible counterparties, but the consortium’s size does not determine which individual institutions will offer the token to customers or when those customers will gain access.
What must happen before issuance
Under MiCA Article 48, an issuer generally needs authorization as a credit institution or electronic money institution, plus notification and publication of a white paper, before a public offer or admission to trading. Specific exemptions apply within that framework.
DNB’s guidance on EMT issuance also requires notifying the regulator of the intention to issue a token and submitting the accompanying white paper. Qivalis says issuance remains subject to the applicable MiCA requirements, so the granted license is one part of its route to market.
The paper must describe the issuer, token, holders’ rights and obligations, technology and risks. These disclosures would provide prospective users with product details beyond the announcement that the institution has obtained its license.
For potential holders, the document would explain both the token’s obligations and the risks of using it.
White-paper notification is distinct from regulatory approval. MiCA Article 51 says authorities must not require prior approval of EMT white papers before publication. For Qivalis, publication of the paper and the planned start of issuance are the next steps toward making the token available through partners.
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