Zerohash Gains First EMI License Under MiCAR in Europe

Zerohash Europe received an Electronic Money Institution (EMI) license from De Nederlandsche Bank on Monday, becoming the first firm already licensed under the Markets in Crypto-Assets Regulation (MiCAR) to gain full EMI status. Zerohash obtained its MiCAR authorization from the Dutch Authority for the Financial Markets in October 2025.

With both permissions in place, Zerohash can provide regulated crypto-asset services and issue and manage electronic money tied to stablecoins for clients across the European Economic Area. MiCAR covers token custody, issuance and trading and will take full effect in July 2026; it enables crypto-asset service providers to operate across EU member states.

De Nederlandsche Bank published a No Action Letter in June 2025 and issued further guidance in February 2026 requiring firms that support “stablecoin-powered financial flows” to obtain EMI authorization. The European Banking Authority has said some e‑money token flows, including redeemable stablecoins, fall under existing e‑money rules and need additional oversight.

Holding both MiCAR and EMI permissions allows Zerohash to connect stablecoin transactions with traditional banking services. The company can offer custody, settlement and payment rails to banks, brokerages, payment providers and enterprise platforms operating across the EEA.

Roeland Goldberg, Zerohash Europe managing director, commented that Europe offers a large market for stablecoin applications and noted recent expansion in Amsterdam and partnerships such as Interactive Brokers Europe.

The firm has filed for a national trust bank charter with the U.S. Office of the Comptroller of the Currency as part of its transatlantic plans.

Founded in 2017, Zerohash has about 200 employees and offices in New York, Chicago, North Carolina and Amsterdam. In September the company raised $104 million in a Series D-2 round led by Interactive Brokers at a reported $1 billion valuation. The firm is reported to be in talks to raise roughly $250 million at a higher valuation after earlier acquisition discussions did not proceed.

An EMI license subjects firms to capital, safeguarding and consumer protection requirements that apply to electronic money providers. Firms combining crypto-asset services and e‑money operations must meet those requirements to operate across the EEA.