Qivalis, a bank-backed consortium, announced on October 14 that it has received an electronic money institution (EMI) license from De Nederlandsche Bank (DNB), the Dutch central bank. The authorization fulfills a licensing requirement for the company's planned euro-denominated electronic money tokens.
According to Qivalis, 37 European banks across 15 countries support the initiative. The company said it plans to begin issuing tokens within the coming months, contingent on meeting 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. The announcement provides no fixed launch date, characterizing the timeline as a company plan rather than a confirmed schedule.
Distribution Model and Partner Strategy
Qivalis intends to distribute the token through a B2B2X model, in which the company issues the token while institutional partners—including eligible banks, exchanges, payment service providers, and market-infrastructure participants—serve as the route to end users. The size of the consortium does not determine which individual institutions will ultimately offer the token or when customers will gain access.
Remaining Regulatory Steps
Under MiCA Article 48, an issuer must obtain authorization as a credit institution or electronic money institution, notify regulators, and publish a white paper before a public offer or admission to trading. DNB's guidance on electronic money token issuance requires notification of the intention to issue a token and submission of the accompanying white paper.
The white paper must describe the issuer, token, holders' rights and obligations, technology, and associated risks. White-paper notification is distinct from regulatory approval; MiCA Article 51 prohibits authorities from requiring prior approval of white papers before publication. For Qivalis, publication of the paper represents the next step toward making the token available through its partners.
