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Zerohash Europe secured an Electronic Money Institution license from De Nederlandsche Bank on Monday, becoming the first firm to hold both a MiCAR crypto-asset service provider license and full EMI status in the European Union. The Chicago-based infrastructure provider, which first registered under the Markets in Crypto-Assets Regulation via the Dutch Authority for the Financial Markets in October 2025, can now legally handle crypto-asset services and traditional electronic money flows across the European Economic Area — covering banks, brokerages, fintechs, payment providers, and enterprise platforms.
The dual licensing matters because the European Banking Authority has argued that certain e-money token flows, including stablecoins, are effectively e-money under an existing directive and require additional oversight. DNB published a no-action letter in June 2025 and follow-up clarifications in February requiring firms supporting stablecoin-powered financial flows to also hold EMI authorization, an attempt to integrate stablecoins into the traditional financial plumbing rather than parallel it.
Why it matters
MiCAR, which goes into full effect in July, operates as a passport for crypto-asset service providers across the EU — but stablecoin issuance and redemption has been the regulatory gray zone. The EBA's position effectively means any firm serious about stablecoin rails in Europe now needs both licenses, and getting an EMI through De Nederlandsche Bank is not a rubber-stamp process. Zerohash's path through AFM in October and DNB in quick succession signals an aggressive push to occupy the regulated lane before the July deadline brings every competitor into the same review queue.
Market impact
The license arrives as Zerohash is already powering Interactive Brokers Europe in the region and is reportedly raising $250 million at a $1.5 billion valuation after a separate $2 billion acquisition target deal with Mastercard fell through. The company's existing $104 million Series D-2 led by Interactive Brokers valued it at $1 billion last September.
Frequently asked questions
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What did Zerohash actually get licensed for in Europe?
Zerohash Europe secured an Electronic Money Institution license from De Nederlandsche Bank, making it the first firm to hold both a MiCAR crypto-asset service provider license and full EMI status in the EU. The combination lets it handle crypto-asset services and electronic money flows across the European Economic…
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Why does a stablecoin firm need an EMI license on top of MiCAR?
The European Banking Authority has argued that certain e-money token flows, including stablecoins, are effectively e-money under an existing directive. DNB published a no-action letter in June 2025 and follow-up clarifications in February requiring firms supporting stablecoin-powered flows to also hold EMI…
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What is MiCAR and when does it fully take effect?
The Markets in Crypto-Assets Regulation is a series of EU-wide guidelines covering most crypto activities, including token custody, issuance, and trading. It will go into full effect in July and acts as a passport for crypto-asset service providers operating across the trading block.
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What can Zerohash now do with the dual license that competitors cannot?
With both MiCAR and EMI authorization, Zerohash can legally handle crypto-asset services and traditional electronic money flows across the European Economic Area, working directly with banks, brokerages, fintechs, payment providers, and enterprise platforms. The firm is already powering Interactive Brokers Europe in…
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How is Zerohash capitalized and what is its broader regulatory push?
Zerohash raised a $104 million Series D-2 led by Interactive Brokers at a $1 billion valuation in September, and is reportedly raising $250 million at a $1.5 billion valuation after a $2 billion Mastercard acquisition deal fell through. The company has also applied to the US OCC for a national trust bank charter.
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