Crypto infrastructure provider Zerohash Europe has secured an Electronic Money Institution (EMI) license from De Nederlandsche Bank (DNB), the Dutch central bank. This makes it the first firm licensed under Europe’s flagship crypto regulation, MiCAR, to also hold full EMI status, according to an announcement on Monday.

Zerohash obtained its MiCAR license in October 2025 from the Dutch Authority for the Financial Markets (AFM). The Markets in Crypto-Assets Regulation, which will go into full effect in July, is a series of EU-wide guidelines covering most crypto activities, like token custody, issuance and trading.

Although MiCAR registration acts like a sort of passport for crypto-asset service providers (CASPs) to operate across the trading block, the European Banking Authority has argued that “certain E-Money Token flows,” namely stablecoins, are effectively “e-money” under an existing directive and require additional oversight.

The bank published a No Action Letter in June 2025 and made further clarifications in February requiring firms looking to support “stablecoin-powered financial flows” to get licensed under EMI, in an attempt to better integrate stablecoins into the traditional financial system.

With the dual MiCAR and EMI licenses, zerohash can now legally handle both crypto-asset services and traditional electronic money flows across the European Economic Area. The firm noted in particular that it could work directly with “banks, brokerages, fintechs, payment providers, and enterprise platforms operating across the European market.”

“Europe has a massive market for stablecoin applications,” Zerohash Europe Managing Director Roeland Goldberg said. “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.”

Zerohash has also applied to the U.S. Office of the Comptroller of the Currency for a national trust bank charter.

Founded in 2017, zerohash employs about 200 people globally, with offices in New York, Chicago, North Carolina, and Amsterdam. Last September, the company raised a $104 million Series D-2 round led by Interactive Brokers at a $1 billion valuation.

The firm, which was a Mastercard acquisition target, is reportedly in talks to raise another $250 million at a $1.5 billion valuation now that those acquisition talks fell through.

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RichSilo Visions:

Executive Summary (TL;DR)

Zerohash’s dual MiCA-EMI licensing represents a critical bridge between traditional finance and crypto infrastructure, creating a competitive moat that will accelerate institutional adoption while raising the regulatory bar for competitors across Europe.

The Core Friction

This development underscores a fundamental tension between crypto innovation and traditional financial oversight. European regulators aren’t merely accommodating crypto—they’re actively integrating it into existing financial frameworks, using the EMI designation to assert control over stablecoin flows while maintaining the appearance of crypto-friendly regulation. Zerohash’s dual licensing isn’t just compliance; it’s a strategic positioning at the intersection of two previously separate financial ecosystems.

Market Impact & Chain Reaction

Short-term: Zerohash now possesses an unparalleled competitive advantage in Europe, enabling them to service both traditional financial institutions and crypto-native clients simultaneously. This positions them to capture a significant share of the institutional on-ramp market, particularly for stablecoin-powered financial flows.
Mid-term: This licensing milestone will likely accelerate the institutional adoption of crypto services across Europe as traditional banks seek regulated partners. Competitors without dual licensing will face either compliance gaps or costly license acquisition, creating a market consolidation dynamic favoring well-capitalized players like Zerohash.

RichSilo Verdict

Smart money should watch for similar dual licensing strategies from other major crypto infrastructure providers, as this will become the new standard for accessing institutional markets. Zerohash’s apparent $1.5 billion valuation target suggests they’re positioning themselves as the backbone of Europe’s emerging crypto-financial hybrid system, with implications for everything from payment rails to asset tokenization. The real story isn’t just about regulatory compliance—it’s about who will control the plumbing between traditional finance and the digital asset economy.