Zerohash Europe, a provider of digital asset infrastructure, has obtained an Electronic Money Institution (EMI) license from De Nederlandsche Bank (DNB), the Dutch central bank. This development marks a significant milestone as Zerohash becomes the first entity to hold both a full EMI status and a license under the European Union’s comprehensive Markets in Crypto-Assets Regulation (MiCAR).
Key Takeaways
- Zerohash Europe is the inaugural firm to secure both a MiCAR license and full EMI status.
- The European Banking Authority’s guidance requires firms involved in “stablecoin-powered financial flows” to obtain EMI licensing.
- This dual licensing allows Zerohash to legally operate both crypto-asset services and electronic money transactions across the EEA.
The firm had previously secured its MiCAR license from the Dutch Authority for the Financial Markets (AFM) in October 2025. MiCAR, set to become fully effective in July, establishes EU-wide regulatory frameworks for a wide array of crypto-asset activities, including custody, issuance, and trading.
While MiCAR registration provides a regulatory passport for Crypto-Asset Service Providers (CASPs) to operate throughout the European Economic Area (EEA), the European Banking Authority (EBA) has asserted that certain stablecoin transactions, categorized as “e-money” under existing directives, necessitate supplementary oversight. In response, the EBA issued a No Action Letter in June 2025, followed by further clarifications in February, mandating firms facilitating “stablecoin-powered financial flows” to acquire EMI licenses. This initiative aims to foster a more integrated approach between stablecoins and the traditional financial system.
The acquisition of both MiCAR and EMI licenses empowers Zerohash to legally manage both crypto-asset services and traditional electronic money operations across the EEA. The company indicated its capacity to engage directly with various financial entities, including banks, brokerages, fintech companies, payment providers, and enterprise platforms operating within the European market.
Roeland Goldberg, Managing Director of Zerohash Europe, commented on the market opportunity, stating, “Europe has a massive market for stablecoin applications. The announcement comes on the heels of accelerating momentum for zerohash across Europe. In recent months, the company has expanded its EU presence in Amsterdam and is now powering partners including Interactive Brokers Europe in the region.”
Beyond its European operations, Zerohash has also submitted an application to the U.S. Office of the Comptroller of the Currency for a national trust bank charter.
Established in 2017, Zerohash operates globally with approximately 200 employees and offices in New York, Chicago, North Carolina, and Amsterdam. The company successfully raised $104 million in a Series D-2 funding round in September, led by Interactive Brokers, at a valuation of $1 billion. Reports suggest Zerohash is currently in discussions to secure an additional $250 million at a $1.5 billion valuation, following the conclusion of prior acquisition talks.
Regulatory Precedent and Future Implications
Zerohash’s achievement in obtaining both a MiCAR license and an EMI license establishes a significant precedent within the evolving European regulatory landscape for digital assets. This dual authorization underscores the EBA’s intent to bridge the gap between crypto-assets, particularly stablecoins, and established financial services frameworks. The requirement for firms to hold EMI status for stablecoin-related activities demonstrates a proactive regulatory approach aimed at ensuring consumer protection and financial stability. This could influence how other jurisdictions approach the regulation of stablecoins and their integration into mainstream finance, potentially requiring similar dual licensing or specific authorizations for entities handling these instruments. The successful integration of crypto infrastructure providers within existing financial regulatory structures, as exemplified by Zerohash, may pave the way for broader adoption and innovation while adhering to stringent compliance standards.
Based on materials from : www.theblock.co