Central Bank of Ireland Approves Ramp Network as Virtual Asset Service Provider

The Central Bank of Ireland has approved Ramp Network as a Virtual Asset Service Provider (VASP). Ramp Network is a financial technology business that is developing payment rails to link cryptocurrency to the global financial system.

The Irish division of Ramp Network, being a registered VASP, will provide services that let customers exchange currencies for over 100 crypto assets and vice versa. Ramp Network’s dedication to facilitating customers’ onboarding to Web3 with its simple on- and off-ramp services for cryptocurrencies is shown by this registration.

Ramp Network chose to locate its staff and operations in Dublin in recognition of Ireland’s standing as a center for fintech innovation and a market that is advantageous for businesses leading the way in the development of next-generation financial services. Ramp Network plans to apply for authorization as a Crypto Asset Service Provider (CASP) under the Markets in Crypto Assets Regulation (MiCAR) in order to increase its investment and commitment in Ireland and establish the nation as its European headquarters.

MiCAR, which will replace domestic crypto-asset rules throughout the European Economic Area (EEA), is the first multi-jurisdiction framework intended to govern crypto-asset markets. The CASP aspects of MiCAR will go into effect at the end of this year.

Steven Eisenhauer, Chief Risk and Compliance Officer stated:

“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. The regulator has a reputation as a serious and competent authority which fully aligns with our vision of promoting crypto adoption through compliant and safe services.”

The intentions of Ramp Network to expand globally are shown by its registration in Ireland. Brazil has been recognized by Ramp Network as one of the major development regions, and the company last year formed a local subsidiary there. Subsequently, Pix—the leading payment gateway in the nation—as well as the Brazilian real (BRL) and Portuguese language were included. Additionally, Ramp Network’s innovative document-free KYC procedure was introduced to Brazil as the first market, offering previously unheard-of simplicity to new customers embarking on their Web3 journeys. Additionally, Ramp Network has registered subsidiaries in both the US and the UK.