Ireland Licenses Fintech Firm Ramp Network as Virtual Asset Service Provider — TradingView News

The Central Bank of Ireland has approved Ramp Network, a financial technology firm building payment rails connecting crypto 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 cryptocurrency assets. This capability will enable the company to facilitate onboarding users to Web3 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 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 crypto-asset markets across the European Economic Area, replacing domestic regulations and streamlining compliance.

MiCAR 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. The company has established a document-free KYC process in Brazil to enhance user convenience in accessing Web3 services. Additionally, Ramp Network has established subsidiaries in the United Kingdom and the United States to boost its global presence.

Ramp Network offers businesses and individuals in over 150 countries a smooth and efficient way to convert between cryptocurrencies and fiat currencies. 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.