MoonPay wins Dutch EMI license for stablecoin

TLDR

MoonPay has secured a Dutch EMI license, allowing it to issue a regulated euro stablecoin and run payment accounts across the EU under MiCA.

1. The EMI license from DNB lets MoonPay Europe B.V. issue a regulated euro stablecoin, offer payment accounts, and launch card products with passporting across the European Economic Area.
2. Combined with its MiCA CASP authorization, MoonPay becomes one of the first Dutch firms to unify crypto-asset services and e-money issuance in one entity, removing reliance on third-party issuers.
3. The stablecoin and card products are not live yet, so the key watchpoints are launch timelines, how widely the token is integrated, and how EU regulators apply MiCAs e-money token rules in practice.

Deep Dive

1. License Scope And Powers

MoonPay, a crypto payments infrastructure company, has received an Electronic Money Institution license from De Nederlandsche Bank, the Dutch central bank, via its Amsterdam entity MoonPay Europe B.V. This authorization allows it to issue a regulated euro stablecoin, open e-money payment accounts, and launch card products for customers across the European Economic Area using EU passporting rights.

Under EU passporting, a firm licensed as an EMI in one member state can offer those services throughout the EEA without separate national licenses, significantly expanding MoonPays potential footprint for its euro-pegged token and accounts. The license also means MoonPay no longer needs third-party e-money partners to issue its stablecoin holdings, simplifying its stack and potentially lowering friction for apps that use MoonPay for on and off ramps.

2. MiCA Context And Significance

MoonPay Europe B.V. already holds a MiCA crypto-asset service provider authorization from the Dutch markets regulator AFM, covering regulated crypto trading and custody. Combining that CASP license with the new EMI license from De Nederlandsche Bank makes MoonPay one of the first Dutch firms to house both permissions in a single entity and to pair them with open-loop stablecoin issuance.

MiCA treats fiat-referenced stablecoins as e-money tokens, and only credit institutions or licensed EMIs can issue them directly. By meeting both the CASP and EMI requirements, MoonPay can offer euro stablecoins that move freely off its platform, sit in self-custody wallets, and still remain inside MiCAs regulated perimeter. That tight integration is attractive for wallets, neobanks, and dapps that want compliant euro liquidity without depending on separate issuers.

3. What To Watch Next

MoonPay plans to build out regulated payment accounts, euro digital fiat issuance, and card products following the license, but it has not committed to a public launch date or detailed product specs. The important signals will be whether the euro stablecoin supports open-loop use across major wallets and DeFi protocols, how card programs are structured, and which exchanges or payment partners integrate it.

Another angle to watch is how other payment firms respond. The Netherlands is emerging as a hub for MiCA CASP plus EMI licensing, and MoonPays dual licensing structure may pressure competitors to pursue similar setups to stay attractive to EU-facing apps. Regulatory interpretations of MiCAs e-money token rules, including reserve and redemption requirements, will also shape the stablecoins economics.

Conclusion

MoonPays Dutch EMI license, layered on top of its MiCA CASP authorization, positions it as a regulated issuer of euro stablecoins rather than just a crypto on-ramp. If the planned products roll out as open-loop tokens linked to accounts and cards, EU users and developers could gain a more compliant euro stablecoin rail, but the real impact will depend on how quickly MoonPay delivers, how deeply partners integrate it, and how EU regulators supervise this new combination of payments and crypto licensing.