Zerohash wins Dutch EMI license under MiCA

TLDR

Zerohash Europe has become the first MiCA-licensed crypto firm to also secure a Dutch Electronic Money Institution license, giving it a powerful regulatory foothold for stablecoin services across Europe.

1. Zerohash obtained an EMI license from De Nederlandsche Bank alongside an existing MiCA authorization from the Dutch AFM, creating a rare dual-license status.
2. Under EU rules, MiCA alone does not cover many stablecoin payment flows, so the EMI license lets Zerohash legally run e-money token and stablecoin payments across the European Economic Area.
3. This positions Zerohash as early infrastructure for banks and fintechs that want regulated stablecoin rails, and puts pressure on other crypto firms in Europe to secure similar dual authorizations.

Deep Dive

1. What Zerohash Secured

Zerohash Europe B.V. has received an Electronic Money Institution license from the Dutch central bank, De Nederlandsche Bank, as confirmed in the Dutch public register and reported by multiple outlets.

The firm already held a Markets in Crypto Assets (MiCA or MiCAR) authorization from the Dutch Authority for the Financial Markets, granted in October 2025, which lets it operate as a crypto asset service provider across the EU.

With these approvals combined, Zerohash is described as the first MiCA-licensed crypto firm to also hold full Dutch EMI credentials, giving it passporting rights for both crypto services and electronic money services across the European Economic Area.

Confidence: high, because multiple independent reports and a regulatory register point to the same dual-license status and timing.

2. Why Dual Licensing Matters

MiCA standardizes rules for crypto services such as custody, issuance and trading across the EU, but it does not fully cover how stablecoin payment flows are regulated as electronic money.

The European Banking Authority clarified in a June 2025 no action letter, and again in 2026 guidance, that many e money token transactions count as payment services, so firms handling those flows need an EMI or payments license on top of MiCA.

Zerohashs EMI license from the Dutch central bank fills this gap, letting it issue electronic money, support stablecoin denominated payments and process e money token flows in line with both MiCA and payment rules, instead of relying on a single crypto license.

3. Implications And What To Watch

With dual MiCA and EMI authorizations, Zerohash can legally support banks, brokerages, fintechs, payment providers and enterprise platforms that want to integrate stablecoin payments and crypto brokerage without building that infrastructure themselves.

This could give Zerohash a competitive edge as MiCA enforcement hardens, since unlicensed or single licensed providers may be forced to scale back stablecoin services or exit some markets. Early clients reportedly include institutions such as Interactive Brokers Europe.

Next, watch for three things: other MiCA firms applying for EMI or payment licenses, which stablecoins Zerohash actually supports on its platform, and whether regulators tighten deadlines for dual licensing as stablecoin usage in payments continues to grow.

Conclusion

Zerohashs Dutch EMI approval, combined with its MiCA authorization, shows how European regulators are channeling stablecoin and crypto infrastructure into fully licensed financial rails.

For crypto users and institutions, the main impact is more room for regulated stablecoin payments and brokerage in Europe, but also a higher bar for providers that want to compete in that space.