Zerohash wins MiCA license for stablecoins

TLDR

Digital asset infrastructure provider Zerohash has become the first MiCA licensed firm in Europe to also secure an EMI license, giving it a clear path to offer regulated stablecoin services.

1. Zerohash Europe now holds both a MiCAR crypto license and a Dutch Electronic Money Institution license, a rare dual status that regulators explicitly require for many stablecoin flows.
2. The combination lets Zerohash run stablecoin payments and brokerage for banks, brokers, and fintechs across the EEA under a single, passportable regulatory setup.
3. The move foreshadows a shakeout where only fully licensed players can handle euro stablecoin payments at scale as MiCA and EBA deadlines bite into 2026.

Deep Dive

1. What Zerohash Just Secured

Zerohash Europe has obtained an Electronic Money Institution (EMI) licence from the Dutch central bank, De Nederlandsche Bank, on top of an existing Markets in Crypto Assets Regulation (MiCAR) authorization from the Dutch AFM granted in October 2025. The company and multiple reports state it is the first MiCAR licensed crypto firm to also receive an e money licence aligned with the European Banking Authoritys June 2025 no action letter and February 2026 guidance on stablecoins, or e money tokens, giving it a unique dual status across the European Economic Area. This means regulators have signed off not only on Zerohash as a crypto asset service provider, but also on its role as an electronic money institution for euro denominated stablecoin use cases across the bloc.

2. What The Dual License Enables

Under MiCA / MiCAR, Zerohash can already offer token custody, issuance support, and trading services across the EU, but the EMI licence extends that to issuing and handling electronic money and payment services, which is where most real world stablecoin payment flows sit. This dual setup allows Zerohash to process stablecoin based payments and provide brokerage and settlement infrastructure for banks, brokerages, fintechs, and payment providers across the EEA, effectively acting as a regulated back end for partners that do not want to build their own crypto and stablecoin stack. The firm already powers clients such as Interactive Brokers Europe, and this license makes it easier for similar institutions to plug into stablecoin rails while staying inside European regulatory guardrails.

3. Why It Matters For Stablecoins In Europe

The EBA has clarified that certain e money token transfers count as payment services, so MiCA registration alone is no longer enough for many stablecoin businesses, and firms without EMI style coverage will have to stop some services after the transition window. Zerohash completing the dual licensing early positions it ahead of that curve and sets a template other infrastructure providers will likely need to follow if they want to support euro stablecoins at scale. For users, the near term effect is indirect, but over time it should mean more stablecoin payment options coming via regulated banks and fintechs, while under licensed providers face restrictions or exit the EU market.

Conclusion

Zerohashs win is less about a new token and more about plumbing: it is the first to combine a MiCA crypto license with a full EMI licence, exactly where EU regulators are steering serious stablecoin activity. If other infrastructure firms follow, the European stablecoin market will tilt toward fewer, more heavily supervised providers that can offer banks and fintechs compliant on and off ramps into tokenized euros and dollars.