Qivalis secures Dutch EMI license, but MiCA rules block its token launch

Introduction

Qivalis, a bank-backed company, has received an electronic money institution (EMI) license from De Nederlandsche Bank (DNB), the Dutch central bank.

Licensing Condition

The authorization meets a licensing condition for its planned token, and the issuer said 37 European banks across 15 countries back it.

Issuance Plans

Qivalis plans to begin issuing euro-denominated electronic money tokens (EMTs) within the coming months, subject to applicable requirements under the EU's Markets in Crypto-Assets Regulation (MiCA) and publication of its white paper.

B2B2X Model

The company would issue the token, while partners would provide the route to end users, in a model known as B2B2X.

Regulatory Requirements

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.

Qivalis Response

Qivalis says issuance remains subject to the applicable MiCA requirements, so the granted license is one part of its route to market.

White Paper Publication

The paper must describe the issuer, token, holders' rights and obligations, technology and risks.

Regulatory Approval

For Qivalis, publication of the paper and the planned start of issuance are the next steps toward making the token available through partners.

Conclusion

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.