Fintech
Ireland licenses fintech firm Ramp Network as a virtual asset service provider
The Central Bank of Ireland has approved Ramp Network, a financial technology company that builds payment channels that connect cryptocurrency to the global financial system, as a virtual asset service provider. This approval allows the company to offer crypto-fiat trading in Ireland.
Ramp Network’s Irish branch will facilitate fiat currency trading for over 100 crypto assets. This feature will allow the company to facilitate user onboarding 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 hub of fintech innovation.
Steven Eisenhauer, Chief Risk and Compliance Officer, said: “When we decided on a future European headquarters for Ramp Network, it didn’t take long to conclude that Ireland was the ideal location. Regardless of the country’s status as an innovation center With a broad base of available technology and financial services talent, we were attracted to the Central Bank of Ireland’s collaborative and hands-on approach.”
Additionally, Ramp Network is preparing to apply for authorization as a cryptocurrency services provider in Ireland under the upcoming Cryptocurrency Markets Regulation (Not). Scheduled to be implemented later this year, MiCA aims to create a unified regulatory framework for the cryptocurrency sector across the European Economic Area, replacing national regulations and simplifying compliance.
MiCA and CASP
This registration in Ireland is part of Ramp Network’s wider global expansion strategy. The company has identified Brazil as a key growth market, creating a local entity and supporting the country’s leading payment gateway, Pix. In addition to this, Ramp has established a document-free KYC process in Brazil to improve user access convenience Network 3 Services. Additionally, Ramp Network has launched branches in the UK and US to strengthen its global presence.
Ramp Network offers businesses and individuals a way to convert 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.
In particular, Ireland is attracting the attention of major cryptocurrency companies. Last year, Coinbase has started the process to obtain a license from the Central Bank of Ireland, positioning itself to benefit from the forthcoming MiCA regulations. The regulations are designed to protect consumers, promote environmental sustainability and combat money laundering in the cryptocurrency industry. By obtaining a license in Ireland, Coinbase aims to gain access to the EU market with “passporting” rights, potentially reaching a customer base of 450 million people.
The Central Bank of Ireland has approved Ramp Network, a financial technology company that builds payment channels that connect cryptocurrency to the global financial system, as a virtual asset service provider. This approval allows the company to offer crypto-fiat trading in Ireland.
Ramp Network’s Irish branch will facilitate fiat currency trading for over 100 crypto assets. This feature will allow the company to facilitate user onboarding 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 hub of fintech innovation.
Steven Eisenhauer, Chief Risk and Compliance Officer, said: “When we decided on a future European headquarters for Ramp Network, it didn’t take long to conclude that Ireland was the ideal location. Regardless of the country’s status as an innovation center With a broad base of available technology and financial services talent, we were attracted to the Central Bank of Ireland’s collaborative and hands-on approach.”
Additionally, Ramp Network is preparing to apply for authorization as a cryptocurrency services provider in Ireland under the upcoming Cryptocurrency Markets Regulation (Not). Scheduled to be implemented later this year, MiCA aims to create a unified regulatory framework for the cryptocurrency sector across the European Economic Area, replacing national regulations and simplifying compliance.
MiCA and CASP
This registration in Ireland is part of Ramp Network’s wider global expansion strategy. The company has identified Brazil as a key growth market, creating a local entity and supporting the country’s leading payment gateway, Pix. In addition to this, Ramp has established a document-free KYC process in Brazil to improve user access convenience Network 3 Services. Additionally, Ramp Network has launched branches in the UK and US to strengthen its global presence.
Ramp Network offers businesses and individuals a way to convert 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.
In particular, Ireland is attracting the attention of major cryptocurrency companies. Last year, Coinbase has started the process to obtain a license from the Central Bank of Ireland, positioning itself to benefit from the forthcoming MiCA regulations. The regulations are designed to protect consumers, promote environmental sustainability and combat money laundering in the cryptocurrency industry. By obtaining a license in Ireland, Coinbase aims to gain access to the EU market with “passporting” rights, potentially reaching a customer base of 450 million people.