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.
