Hassan Maishera
Ramp Network, the financial technology company building payment rails connecting crypto to the global financial system, has announced the approval of its Virtual Asset Service Provider (VASP) license by the Central Bank of Ireland.
In a press release shared with Cryptowisser, Ramp Network said thanks to this VASP license, its Irish subsidiary will provide services enabling users to exchange fiat currencies for more than 100 cryptocurrency assets, and vice versa.
The company’s decision to launch a team and operations in Dublin was due to Ireland's status as a fintech innovation hub and a favorable market for companies pioneering next-generation financial services.
Ramp Network has also made Ireland its European headquarters by seeking authorization as a Crypto Asset Service Provider (CASP) under the Markets in Crypto Assets Regulation (MiCAR).
MiCAR, the CASP elements of which come into force at the end of this year, is the first multi-jurisdiction framework designed to regulate crypto-asset markets and will replace domestic crypto-asset regulations throughout the European Economic Area (EEA).
While commenting on this latest development, Steven Eisenhauer, Chief Risk and Compliance Officer, said,
“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.”
This latest development comes not long after Ramp Network identified Brazil as one of the key growth markets and also established a local entity. This was followed by adding support for Pix, the country’s number one payments gateway, the Brazilian real (BRL), and the Portuguese language.
Furthermore, Brazil became the first market to benefit from Ramp Network's novel document-free KYC process, bringing unprecedented convenience to new users who are just setting out on their Web3 journeys.
In addition to Ireland, Ramp Network also has registered subsidiaries in the United Kingdom and the United States.
Ramp Network is a financial technology company building solutions that connect the crypto economy with today’s global financial infrastructure. Through its core on- and off-ramp products, Ramp Network provides businesses and individuals across 150+ countries with a streamlined and smooth experience when converting between cryptocurrencies and fiat currencies.
