Zerohash Europe has become the first firm licensed under the EU’s MiCA crypto rules to also secure a full Electronic Money Institution license for stablecoin services in Europe. The Dutch central bank, De Nederlandsche Bank (DNB), granted the EMI approval to Zerohash Europe B.V., the company’s Amsterdam‑based subsidiary, after a detailed review.
Zerohash had already received its MiCA authorization in October 2025 from the Dutch Authority for the Financial Markets (AFM), which lets it passport crypto asset services across the European Economic Area.
This new EMI license sits on top of that MiCA registration. It allows Zerohash to handle not only crypto assets but also regulated electronic money, including key stablecoin payment and settlement flows. The company says the dual setup gives banks, brokerages, fintechs, and payment firms greater certainty when they route stablecoin transactions through Zerohash’s infrastructure.
Why EMI Matters for MiCA Stablecoins
The European Banking Authority has made clear that many stablecoin flows qualify as electronic money activity rather than pure crypto trading. In a June 2025 no‑action letter and subsequent clarifications, the EBA said that handling e‑money tokens for clients, including custody and transfers, constitutes a payment service that must comply with existing rules. It also gave MiCA‑licensed firms running these flows until early 2026 to obtain either a payment institution license or an EMI license to stay fully compliant.
Zerohash chose the EMI route and finished the process ahead of that deadline. As a result, it can now support “stablecoin‑powered financial flows” under both MiCA and traditional payments law, something many rivals are still working to achieve. Industry coverage notes that this makes Zerohash the first MiCA‑licensed broker‑style infrastructure provider with full EMI status under the EBA’s stablecoin framework.
With both licenses in place, Zerohash can offer a broader menu of services for European clients on stablecoins and tokenized assets. That includes brokerage‑style order routing, custody, settlement, and white‑label wallets for partners such as banks, online brokers, neobanks, and enterprise platforms that want to integrate stablecoins into trading or payments. The firm already powers several institutions in the region, including Interactive Brokers Europe, and has grown its Amsterdam presence as MiCA moves from theory into practice.
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