Ireland Licenses Fintech Firm Ramp Network as Virtual Asset Service Provider

Ireland Licenses Fintech Firm Ramp Network as Virtual Asset Service Provider

Time Stamp: May 23, 2024 10:14 AM
Ireland Licenses Fintech Firm Ramp Network as Virtual Asset Service Provider PlatoBlockchain Data Intelligence. Vertical Search. Ai.

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.

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.

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.

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.

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