vLEI Guide

What the Legal Entity Identifier (LEI) is, and how the verifiable LEI (vLEI) makes it digitally verifiable — structure, credential types and issuance.

1. What is an LEI?

The Legal Entity Identifier (LEI) is a 20-character alphanumeric code that uniquely identifies a legal entity taking part in financial transactions, anywhere in the world. It is defined by ISO 17442 and was introduced after the 2008 financial crisis at the initiative of the G20 and the Financial Stability Board.

• Structure: the first 4 characters identify the issuer, the next 14 are entity-specific, and the last 2 are check digits.
• Data: reference data such as legal name, registered address and registration authority (“who is who”), plus direct and ultimate parent relationships (“who owns whom”), all publicly available.
• Governance: the Regulatory Oversight Committee (ROC) oversees the system, GLEIF manages it, and Local Operating Units (LOUs) issue and renew LEIs. In Korea, the LOU is the Korea Securities Depository.
• Renewal: LEIs are renewed annually to keep the data current.

Anyone can look up an LEI for free on GLEIF Search.

2. What is a vLEI?

A verifiable LEI (vLEI) is a digital credential that carries an LEI. Where checking “is this really that company, and is this person really its representative?” used to rely on paperwork and manual review, a vLEI lets software verify it cryptographically and instantly.

• Designed by GLEIF and standardized as ISO 17442-3.
• Built on KERI (decentralized key management) and ACDC (chained credentials). It is not tied to any particular blockchain.
• Its key feature: it proves not only the organization, but the organization plus a person acting in a role for it.

3. Chain of trust and credential types

vLEIs are issued down a chain of trust. Each credential is linked to the credential of whoever issued it, so a verifier can trace it all the way back to GLEIF.

1. GLEIFRoot of trust. Qualifies vLEI issuers
2. QVI (Qualified vLEI Issuer)Receives a QVI vLEI credential from GLEIF
3. Legal entityReceives a Legal Entity vLEI credential from a QVI
4. Person in a roleReceives an OOR or ECR credential

4. How to get a vLEI

A typical flow for an organization is below. Exact steps and fees vary by QVI.

1. Have a valid LEI: obtain or renew one first if needed.
2. Choose a QVI from GLEIF’s published list and sign an agreement.
3. Appoint representatives: a Designated Authorized Representative (DAR) for the contract, and Legal Entity Authorized Representatives (LARs) who receive the credential and authorize role credentials.
4. Identity verification: the QVI verifies the representatives’ identity and authority, usually in a live video session.
5. Set up a wallet and receive the credential: create the entity’s identifier in a KERI-capable wallet and receive the Legal Entity vLEI.
6. Issue role credentials: issue or request OOR or ECR credentials for the people who need them.

5. Use cases

• Signing financial and regulatory reports: recipients can automatically see which entity and which authorized person signed. GLEIF has signed its own annual reports with vLEIs.
• Trade and supply chains: verifying the issuing company and its staff on documents such as electronic bills of lading.
• Financial KYC: replacing document checks of corporate customers and their representatives with credential verification.
• B2B digital transactions: anywhere software must confirm “who is acting, on behalf of which company” — contracts, approvals, API access.

6. LEI vs. vLEI

7. Official resources

• GLEIF — The Legal Entity Identifier (LEI)
• GLEIF — The verifiable LEI (vLEI)
• GLEIF — Get a vLEI (list of QVIs)
• GLEIF — vLEI Ecosystem Governance Framework
• GLEIF LEI Search

This guide is a simplified summary. GLEIF’s and each issuer’s official documentation take precedence.