Zerohash Becomes First MiCAR-Licensed Firm to Secure EMI Status for European Stablecoin Operations - Blockonomi

by · Blockonomi

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  • Zerohash is now the first firm holding both a MiCAR license and full EMI status across the European Economic Area.
  • The EBA’s June 2025 No Action Letter required stablecoin firms to obtain EMI licenses beyond standard MiCAR registration. 
  • Zerohash is reportedly in talks to raise $250 million at a $1.5 billion valuation after Mastercard acquisition talks ended. 
  • The dual-license structure allows Zerohash to serve banks, fintechs, brokerages, and payment providers across Europe legally.

Zerohash Europe has obtained an Electronic Money Institution license from De Nederlandsche Bank, the Dutch central bank. This makes the company the first crypto-asset service provider licensed under MiCAR to also hold full EMI status.

The dual authorization allows Zerohash to legally process both crypto-asset services and traditional electronic money flows across the European Economic Area. This opens a broader path for stablecoin-powered financial services on the continent.

Zerohash Achieves Regulatory Milestone Under MiCAR Framework

Zerohash originally obtained its MiCAR license in October 2025 from the Dutch Authority for the Financial Markets. The Markets in Crypto-Assets Regulation covers most crypto activities across the EU trading bloc.

These include token custody, issuance, and trading services. The regulation is set to go into full effect in July and functions as a passport for crypto-asset service providers.

However, MiCAR registration alone was not enough for stablecoin operations. The European Banking Authority clarified in a June 2025 No Action Letter that certain e-money token flows qualify as electronic money.

Firms supporting stablecoin-powered financial flows therefore need an additional EMI license. Further regulatory guidance arrived in February, reinforcing that position.

The EMI license from De Nederlandsche Bank now bridges that regulatory gap for Zerohash. With the dual licenses in place, the company can work directly with “banks, brokerages, fintechs, payment providers, and enterprise platforms operating across the European market.”

This compliance structure gives Zerohash an advantage most competitors do not yet hold. It positions the firm to move faster in markets where stablecoin adoption is accelerating.

Zerohash Europe Managing Director Roeland Goldberg spoke directly to the opportunity. “Europe has a massive market for stablecoin applications,” Goldberg said.

The company has expanded its EU presence in Amsterdam and is currently powering partners including Interactive Brokers Europe in the region. That partnership reflects the firm’s growing institutional reach across the continent.

Zerohash Expands Footprint Through Funding and Charter Applications

Zerohash has also applied to the U.S. Office of the Comptroller of the Currency for a national trust bank charter. That application runs parallel to its European regulatory efforts.

Together, these moves show a clear strategy toward full-stack financial compliance across major markets. The company appears focused on building infrastructure that meets both crypto and traditional finance standards.

Founded in 2017, Zerohash employs approximately 200 people globally. Its offices span New York, Chicago, North Carolina, and Amsterdam.

Last September, the company raised a $104 million Series D-2 round led by Interactive Brokers. That round valued the company at $1 billion.

After acquisition talks with Mastercard fell through, Zerohash is now reportedly in discussions to raise $250 million. The new round is said to target a $1.5 billion valuation.

That would represent a notable jump in investor confidence from just months prior. The fundraising talks align closely with the company’s regulatory wins in Europe.

The EMI license adds material value to Zerohash’s European business model. Stablecoin flows now represent a growing share of crypto payment infrastructure globally. With both MiCAR and EMI status, Zerohash is structurally positioned to capture that demand.

The regulatory foundation it has built in the Netherlands may serve as a model for others entering European markets.

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