Ramp Network Approved as Virtual Asset Service Provider in Ireland

The Central Bank of Ireland has approved Ramp Network as a Virtual Asset Service Provider, allowing the fintech firm to offer crypto-to-fiat exchanges in Ireland. This move marks a significant step for Ramp Network as it expands its presence in Europe.

Ramp Network’s Irish subsidiary will enable the exchange of fiat currencies for over 100 cryptocurrencies, facilitating user onboarding to Web 3 through its on-and-off ramp service. The company’s decision to establish operations in Ireland highlights the country’s reputation as a fintech innovation hub.

Steven Eisenhauer, Chief Risk and Compliance Officer at Ramp Network, stated, “Ireland’s status as an innovation hub with a broad base of technology and financial services talent, along with the Central Bank of Ireland’s collaborative approach, made it an ideal location for our European operations.”

Ramp Network is also preparing to seek authorisation as a Crypto Asset Service Provider under the forthcoming Markets in Crypto Assets Regulation (MiCA), set 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, simplifying compliance and replacing domestic regulations.

The approval in Ireland is part of Ramp Network’s broader strategy for global growth. The company has identified Brazil as a key market, establishing a local entity and supporting the country’s leading payment gateway, Pix. Ramp Network has also introduced a document-free KYC process in Brazil to enhance user convenience.

Additionally, Ramp Network has launched subsidiaries in the United Kingdom and the United States to boost its global presence. The company provides businesses and individuals with the ability to convert between cryptocurrencies and fiat currencies in over 150 countries, supporting various payment methods, including debit and credit cards, bank transfers, Apple Pay, and Google Pay.

Ireland is increasingly attracting major cryptocurrency firms. Last year, Coinbase began the process of obtaining a license from the Central Bank of Ireland to leverage upcoming MiCA regulations. These regulations aim to protect consumers, promote environmental sustainability, and combat money laundering in the crypto sector. By securing a license in Ireland, Coinbase seeks to gain access to the EU market under “passporting” rights, potentially reaching 450 million customers.

Pan Finance is a print journal and news website providing worldwide intelligence on finance, economics and global commerce. Known for our in-depth analysis and opinion pieces from esteemed academics and celebrated professionals; our readership consists of senior decision makers from across the globe.

Contact us