Bank-backed Qivalis said on Oct. 14 that it received an electronic money institution (EMI) license from De Nederlandsche Bank (DNB), the Dutch central bank. The authorization meets a licensing condition for Qivalis's planned token but does not complete the requirements for launch. Qivalis said 37 European banks across 15 countries back the company.
Qivalis plans to begin issuing euro-denominated electronic money tokens (EMTs) "within the next months," subject to applicable Markets in Crypto-Assets Regulation (MiCA) requirements and publication of a 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. Qivalis has given no fixed launch date, and the coming-months timetable remains a company plan.
Qivalis plans distribution through eligible banks, exchanges, payment service providers and market-infrastructure participants. Qivalis said Qivalis would issue the token, while partners would provide access to end users through a model known as B2B2X. The consortium's size does not determine which individual institutions will offer the token to customers or when customers will gain access.
MiCA Article 48 generally requires an issuer to obtain authorization as a credit institution or electronic money institution before a public offer or admission to trading. The framework also generally requires notification and publication of a white paper, with specific exemptions. DNB's guidance requires issuers to notify the regulator of an intention to issue an EMT and submit the accompanying white paper. Qivalis says issuance remains subject to applicable MiCA requirements.
The white paper must describe the issuer, token, holders' rights and obligations, technology and risks. The disclosures would give prospective users product details beyond the licensing announcement, including the token's obligations and risks of use. White-paper notification is distinct from regulatory approval. MiCA Article 51 says authorities must not require prior approval of EMT white papers before publication. Publication of Qivalis's white paper and the planned start of issuance are the next steps toward making the token available through partners.