Crypto Infrastructure Firm Ramp Network Secures Ireland Registration

The company wants to make Ireland its European headquarters.

AccessTimeIconMay 23, 2024 at 1:00 p.m. UTC
  • The Ramp Network has secured a virtual asset services providers (VASP) registration in Ireland.
  • It plans to make Ireland its European headquarters and secure a license as a Crypto Asset Service Provider.
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  • The Irish subsidiary of U.K.-based crypto infrastructure firm Ramp Network has secured a virtual asset services providers (VASP) registration in Ireland, the company said in a press release on Thursday.

    The Ramp Network is a financial technology company building payment rails connecting crypto to the global financial system. This registration will enable its users to exchange fiat currencies for more than 100 crypto assets.

    The company wants to make Ireland its European headquarters and has established a team and operation in Dublin. It intends to get authorized as a Crypto Asset Service Provider (CASP) under the Markets in Crypto Assets Regulation (MiCA).

    To become a licensed CASP under MiCA—the European Union’s bespoke rules for crypto—a company needs to have a registered office in an EU member state where it carries out some of its business and has a resident director.

    Many crypto companies like crypto exchange Coinbase have secured a license in Ireland. In October, Coinbase said that it wanted Ireland to be its EU hub because it has a supportive environment for fintech companies.

    Crypto exchange Kraken also secured an e-money institution license in Ireland in September, and standard chartered-backed Zodia Market gained registration in Ireland in October.

    Edited by Parikshit Mishra.

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    Camomile Shumba

    Camomile Shumba is a CoinDesk regulatory reporter based in the UK. She previously worked as an intern for Business Insider and Bloomberg News. She does not currently hold value in any digital currencies or projects.