Qivalis Gets Dutch Authorization for Euro Token

Qivalis has received authorization from De Nederlandsche Bank to operate as an electronic money institution, a regulatory step that makes the company eligible to issue euro-denominated electronic money tokens. The authorization does not mean the token is live: Qivalis says issuance remains subject to applicable European Union requirements, including publication of a white paper. The Amsterdam-based company said it plans to begin issuing the token in the coming months. One account of its timetable specified a target within the next month, but Qivalis has not announced a fixed launch date. The schedule remains a company plan, not confirmation that issuance will begin by a particular date. Qivalis said it is backed by 37 European banks across 15 countries. It plans to distribute the token through institutional partners, including banks, exchanges, payment service providers and market infrastructure participants, rather than directly to consumers. The company would issue the token, while partners would provide a route to end users. Qivalis has not identified which institutions will distribute it or when customers may gain access.