Qivalis wins Dutch EMI license, but MiCA rules block launch

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 whe...