The Central Bank of Ireland has granted approval to Ramp Network as a Virtual Asset Service Provider (VASP). Ramp Network, a financial technology company, is currently working on developing payment systems that will connect cryptocurrency to the global financial system.
As a registered VASP in Ireland, Ramp Network will offer services that allow customers to exchange currencies for over 100 different types of cryptocurrencies and vice versa. This registration demonstrates Ramp Network’s commitment to simplifying the onboarding process for customers entering the world of Web3 through its user-friendly on- and off-ramp services for cryptocurrencies.
Ramp Network specifically chose Dublin as its base of operations due to Ireland’s reputation as a hub for fintech innovation and its advantageous market conditions for businesses at the forefront of next-generation financial services. The company has plans to seek authorization as a Crypto Asset Service Provider (CASP) under the Markets in Crypto Assets Regulation (MiCAR) to further invest in Ireland and establish it as its European headquarters.
MiCAR, which will replace the current domestic crypto-asset regulations across the European Economic Area (EEA), is the first framework of its kind to govern crypto-asset markets across multiple jurisdictions. The CASP provisions of MiCAR are set to come into effect by the end of this year.
Steven Eisenhauer, Chief Risk and Compliance Officer, commented on Ramp Network’s global expansion plans, highlighting their decision to register in Ireland. The company has also recognized Brazil as a significant region for development and has established a local subsidiary there. As a result, Ramp Network has integrated Pix, the leading payment gateway in Brazil, as well as the Brazilian real (BRL) and the Portuguese language. Furthermore, the company introduced its innovative document-free KYC procedure to Brazil as the first market, offering unprecedented simplicity to new customers embarking on their Web3 journeys. Ramp Network has also registered subsidiaries in the United States and the United Kingdom.