On October 13, 2026, De Nederlandsche Bank authorized Qivalis B.V. to issue, distribute and redeem electronic money. DNB’s register identifies the Amsterdam company as relation R203793 and lists all three activities with the same entrance date. Qivalis announced the authorization on October 14 as it prepares a euro-denominated stablecoin backed by 37 European banks across 15 countries.
The authorization makes Qivalis eligible to issue euro-denominated electronic money tokens, or EMTs. It does not mean the token is live. Qivalis said issuance remains subject to the applicable requirements under the Markets in Crypto-Assets Regulation and publication of a white paper. The company plans to begin issuance within the next months.
What DNB authorized
The regulator’s entry is more specific than a general company registration. It describes an authorization to conduct the business of an electronic money institution under PSD2 and section 2:10a of the Dutch Financial Supervision Act. The permitted activities are issuing electronic money, distributing electronic money and redeeming electronic money. Each activity entered the register on October 13. DNB places all three permissions under one authorization, so the public record covers the electronic money cycle from issuance through distribution to redemption.
DNB lists Qivalis under its statutory name and trade name, Qivalis B.V. The register gives Amsterdam as its statutory seat, company number 98235680 and legal entity identifier 724500LOOWQMIDXTS391. It also records Qivalis’s Amsterdam business address and links to the company’s website. The register was last updated at 04:02 on October 14.
The company said DNB will supervise it on an ongoing basis. That places the issuer inside the Dutch electronic-money framework before any stablecoin issuance begins. Qivalis describes the authorization as a regulatory condition for the EMT, while separating it from the remaining MiCA work. The white paper is one explicit prerequisite still ahead.
The sequence separates three layers that counterparties need to verify. DNB has authorized the legal entity to conduct electronic-money business. The register names the activities that authorization covers. Qivalis must still complete the MiCA steps that apply to the token before issuance. A counterparty can therefore verify the issuer in DNB’s register today, but it cannot yet verify final token terms against the unpublished white paper.
The register also gives counterparties two entity-level identifiers beyond the DNB relation number. Company number 98235680 ties the authorization to the Dutch corporate entity. LEI 724500LOOWQMIDXTS391 supplies the identifier commonly used when financial institutions identify legal parties in transactions and regulatory data. Qivalis’s listed business address is Strawinskylaan 1457, 1077XX Amsterdam. These details distinguish the authorized company from distributors that may later offer the token.
Qivalis says the planned token will use a full-reserve model. Its announcement does not present a token contract, supported chain, reserve composition or issuance amount. Those details therefore cannot yet be checked against a live instrument. The immediate change is the issuer’s legal status and permitted electronic-money activities, not a new asset available to holders.
Distribution through financial institutions
Qivalis plans a B2B2X distribution model. Eligible counterparties will include banks, exchanges, payment service providers and market infrastructure participants. The company says the token will reach users through these partners rather than through Qivalis alone. For exchanges and payment companies, access will depend on becoming an eligible counterparty and completing whatever technical and compliance requirements Qivalis sets before launch.
The consortium gives the project an existing institutional distribution base. Qivalis says 37 banks from 15 European countries back the company. Qivalis itself is based in Amsterdam, operates independently and has an independent management team. Its supervisory board includes independent representation and is chaired by Sir Howard Davies, the former chairman of NatWest Group and the UK Financial Services Authority.
The structure matters for operators because the issuer, distributor and user-facing venue may be different entities. A bank, exchange or payment provider could distribute the EMT while Qivalis remains the regulated issuer. DNB’s register separately authorizes issuance, distribution and redemption, giving counterparties a public record against which to check the company’s permissions.
Qivalis CEO Jan-Oliver Sell said the company wants a euro-denominated settlement asset issued under European law and supervision. The stated use is institutional on-chain payment and settlement infrastructure. The announcement does not yet define settlement hours, finality, chain support or whether every consortium bank will distribute the token. Those choices will determine whether the EMT can serve as shared collateral and settlement money across the participating institutions.
What users can verify next
The DNB record gives prospective counterparties a regulatory identifier, the authorized activities and their entrance date. It does not substitute for the MiCA white paper. That document should provide the next set of verifiable terms for the token, including the issuer’s disclosures and operating model. Until publication, users cannot compare the planned reserve and redemption mechanics with a final token specification.
The authorization also leaves launch timing broad. Qivalis says issuance is planned within the next months, without naming a date. The company was founded in September 2025, so the license arrives about a year after formation, but authorization and product availability remain separate milestones.
For holders, the practical next step is to identify which banks, exchanges and payment providers will distribute the EMT. For operators, the next checks are the white paper, supported networks, reserve disclosures and redemption interfaces. Qivalis has committed to partner distribution and a full-reserve model, but those materials will determine how institutions can mint, transfer and redeem the token.
The next dated public milestone has not been announced. Qivalis’s stated sequence is publication of the MiCA white paper followed by issuance within the next months.
