TLDR
- Zerohash Europe secured an EMI license from De Nederlandsche Bank.
- Zerohash now holds both MiCA and EMI approvals in Europe.
- The license allows Zerohash to support stablecoin and e-money services in the EEA.
- Zerohash received its MiCA authorization from the Dutch AFM in October 2025.
- Zerohash raised $104M in Series D-2 funding at a $1B valuation.
Zerohash Europe has received an Electronic Money Institution license from De Nederlandsche Bank, allowing the crypto infrastructure provider to offer regulated stablecoin and e-money services across the European Economic Area.
The company said the approval makes it the first firm licensed under the European Union’s Markets in Crypto-Assets Regulation framework to also hold full EMI status. Zerohash received its MiCA authorization from the Dutch Authority for the Financial Markets in October 2025.
The dual authorization allows Zerohash to provide crypto-asset services and electronic money services under EU rules. The company said it can now support banks, brokerages, fintech firms, payment providers, and enterprise platforms operating across Europe.
Zerohash Gains Dual MiCA and EMI Approval
MiCA creates a common regulatory framework for crypto-asset service providers across the EU. The rules cover activities such as custody, trading, issuance, and services connected to crypto assets.
Stablecoins tied to fiat currencies are treated as e-money tokens under the framework. Firms handling those products may need to operate as credit institutions or authorized Electronic Money Institutions, depending on their business model.
The European Banking Authority issued a No Action Letter in June 2025 and later clarified that companies supporting stablecoin-powered financial flows should obtain EMI authorization. The guidance was aimed at placing stablecoin activity within existing electronic money oversight.
With the EMI license, Zerohash can handle regulated stablecoin and e-money flows in addition to crypto brokerage and infrastructure services. The company operates as a business-to-business provider rather than a retail-facing platform.
Stablecoin Rules Set Reserve and Redemption Standards
Under MiCA, stablecoin issuers operating as EMIs must follow requirements covering reserves, governance, redemption, and reporting. Reserves backing fiat-linked tokens must be liquid and segregated.
The rules also require daily redemption at par value. That means holders of qualifying fiat-denominated stablecoins must be able to redeem tokens for the corresponding currency value under the required terms.
The reserve framework was designed to improve transparency in stablecoin operations. EU regulators have focused on reserve quality, liquidity, and clear supervision after earlier concerns around stablecoin backing and disclosure across the wider crypto market.
Zerohash said the license will help it support stablecoin applications in Europe. Roeland Goldberg, managing director of Zerohash Europe, said the region has a large market for stablecoin use cases.
Zerohash Expands European Infrastructure Business
Zerohash has increased its presence in Amsterdam and is working with partners including Interactive Brokers Europe, according to the company. Its services are designed to help regulated firms add crypto and stablecoin features without building full infrastructure internally.
The firm was founded in 2017 and employs about 200 people globally. It has offices in New York, Chicago, North Carolina, and Amsterdam.
In September, Zerohash raised $104 million in a Series D-2 funding round led by Interactive Brokers at a $1 billion valuation. The company has also applied to the U.S. Office of the Comptroller of the Currency for a national trust bank charter.
Reports also said the company had been an acquisition target for Mastercard. After those talks ended, Zerohash was reportedly discussing a new $250 million raise at a valuation of about $1.5 billion.
The EMI approval gives Zerohash a wider regulatory base for stablecoin and brokerage services in Europe. As MiCA moves toward full application, licensed infrastructure providers are expected to play a larger role in connecting banks, fintech firms, and payment platforms with regulated digital asset services.
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