Qivalis wins Dutch EMI license, but MiCA rules block launch

Bank-backed platform Qivalis announced on October 14 that it has been awarded an electronic money institution (EMI) license from the De Nederlandsche Bank (DNB), the central bank of the Netherlands.

The authorization satisfies a licensing prerequisite for its planned token, and the issuer confirmed support from 37 European banks operating across 15 countries. The organization intends to begin issuing euro‑denominated electronic money tokens (“EMTs”) “in the coming months,” contingent upon compliance with EU Markets in Crypto‑Assets Regulation (MiCA) requirements and the publication of its white paper.

Qivalis has not yet commenced EMT issuance or offered payment services to the public, according to information disclosed on its website update from October 14. The announcement provides no fixed launch timeline, leaving the near‑term schedule as a planned trajectory for the company.

Token distribution is designed through a B2B2X model, where Qivalis issues the digital asset while partner financial institutions, exchanges, and payment service providers serve as intermediaries connecting the token to end users.

While the consortium outlines categories of eligible counterparties, the scale of the partnership does not dictate individual routing decisions or exact customer access dates.

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Under MiCA Article 48, issuers typically require authorisation as a credit institution or electronic money institution, plus formal notification and publication of a white paper before conducting a public offering or admitting new assets to trading. Specific exceptions within this framework also apply.

DNB’s guidance on EMT issuance mandates that the regulator be notified of the intent to issue a token, along with submission of the associated white paper. Qivalentis states that issuance remains subject to applicable MiCA conditions, meaning the granted licence represents one component of its market‑entry strategy.

The required white paper must detail the issuer, the token itself, holder rights and obligations, technological infrastructure, and associated risks. Such disclosures would supplement the initial announcement by giving prospective investors fuller insight into product specifics.

For potential holders, the document would clarify both the token’s operational obligations and the inherent risks of using it.

White‑paper notification is distinct from regulatory approval. MiCA Article 51 instructs authorities not to demand prior approval of EMT white papers before their publication. In Qivalis’ case, the publication of the paper and the subsequent launch are the next critical steps toward making the token available through its network of partners.

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