Ireland Licenses Fintech Firm Ramp Network as Virtual Asset Service Provider

Thursday, 23/05/2024 | 14:14 GMT by Jared Kirui

The company plans to seek authorization as a Crypto Asset Service Provider in the region under the MiCA regulations.

Beyond Ireland, Ramp Network is targeting expansion in the US, UK, and Brazil.

The Central Bank of Ireland has approved Ramp Network, a financial technology firm building payment rails connecting cryptocurrency to the global financial system, as a Virtual Asset Service Provider. This approval allows the company to offer crypto-to-fiat exchanges in Ireland.

Expanding Presence in Ireland

Ramp Network’s Irish subsidiary will facilitate the exchange of fiat currencies for over 100 crypto assets. This capability will enable the company to facilitate onboarding users to Web 3 through an on- and-off-ramp service. According to the company’s statement shared with Finance Magnates, the company's choice of Ireland highlights the nation's reputation as a fintech innovation hub.

Steven Eisenhauer, the Chief Risk and Compliance Officer, mentioned: "When deciding on a future European home for Ramp Network, it didn’t take us long to conclude that Ireland was an ideal location. Beyond the country's status as an innovation hub with a broad base of available technology and financial services talent, we were drawn by the Central Bank of Ireland's collaborative and direct approach."

Additionally, Ramp Network is preparing to seek authorization as a Crypto Asset Service Provider in Ireland under the forthcoming Markets in Crypto Assets Regulation (MiCA). Scheduled to be implemented at the end of this year, MiCA aims to create a unified regulatory framework for the crypto industry across the European Economic Area, replacing domestic regulations and streamlining compliance.

MiCA and CASP

This registration in Ireland is part of Ramp Network’s broader strategy for global expansion. The company has identified Brazil as a key growth market, establishing a local entity and supporting the country’s top payment gateway, Pix. Besides that, Ramp has established a document-free KYC process in Brazil to enhance user convenience in accessing Web 3 services. Additionally, Ramp Network has launched subsidiaries in the United Kingdom and the United States to boost its global presence.

Ramp Network offers businesses and individuals a way to convert between cryptocurrencies and fiat currencies in over 150 countries. The company supports various payment methods, including debit and credit cards, bank transfers, Apple Pay, and Google Pay, ensuring accessibility and ease of use for its global user base.

Notably, Ireland is attracting the attention of major cryptocurrency firms. Last year, Coinbase initiated the process of obtaining a license from the Central Bank of Ireland, positioning itself to benefit from the upcoming MiCA regulations. The regulations are designed to protect consumers, promote environmental sustainability, and combat money laundering in the crypto sector. By securing a license in Ireland, Coinbase aims to gain access to the EU market under "passporting" rights, potentially reaching a customer base of 450 million people.