Qivalis has its Dutch e-money licence: what it unlocks, and what still stands before a token
Victoria Shinder2 min readQivalis, the Amsterdam company backed by 37 European banks in 15 countries, announced on 14 October 2026 that De Nederlandsche Bank (DNB) has authorised it as an electronic money institution (EMI). The licence answers one question about the planned bank-backed euro stablecoin and leaves others open.
What the licence settles. Under DNB's guidance on the EU's Markets in Crypto-Assets Regulation (MiCAR), an issuer of e-money tokens (EMTs) — stablecoins tied to a single currency — must be licensed as a credit institution or an EMI. Qivalis now is one, is under ongoing DNB supervision, and calls the authorisation a decisive regulatory condition for its token.
What still has to happen. DNB's guidance names two further steps. Under Article 48(6) MiCAR, a licensed institution must notify its supervisor of its intention before it issues an EMT. Under Article 51(11), the issuer must inform the authority through a white paper that accompanies the token. Qivalis's own announcement matches this: issuance is "planned to begin within the next months" and remains subject to MiCA requirements and publication of the white paper. Its website states that it does not currently issue electronic money or provide payment services to the public.
How it plans to reach users. Qivalis describes a B2B2X model: it would issue the token, while banks, exchanges, payment service providers and market-infrastructure firms distribute it. The announcement does not say which of the 37 backing banks will offer the token to their own customers, or when. The company also says it plans to run the stablecoin under a full reserve model.
Who is behind it. Founded in September 2025, Qivalis says it operates independently with its own management team; its supervisory board, which includes independent representation, is chaired by Sir Howard Davies, former chairman of NatWest Group and of the UK Financial Services Authority. CEO Jan-Oliver Sell framed the licence as a step towards a euro-denominated on-chain settlement asset issued under European law.
What to watch. The white paper is the next public document. It is where the token's issuer, holder rights, technology and risks have to be set out, and where the launch timeline stops being a company plan.
Source: Qivalis, "Qivalis receives authorisation as an Electronic Money Institution from De Nederlandsche Bank" — https://qivalis.eu/press/news/qivalis-receives-authorisation-as-an-electronic-money-institution-from-de-nederlandsche-bank; DNB, MiCAR guidance — https://www.dnb.nl/en/sector-information/open-book-supervision/laws-and-eu-regulations/micar/