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The Central Bank of Ireland Approves Ramp Network as a VASP
The Central Bank of Ireland has granted approval to Ramp Network as a Virtual Asset Service Provider (VASP), a fintech business focused on connecting cryptocurrency to the global financial system.
Introduction
Ramp Network, a financial technology company, has been authorized to operate as a VASP in Ireland. This approval allows the company to offer customers the ability to exchange currencies for over 100 cryptocurrencies and vice versa, emphasizing their commitment to simplifying cryptocurrency transactions for users.
Main Points
Ramp Network’s decision to establish operations in Dublin highlights Ireland’s role as a hub for fintech innovation. The company plans to seek authorization as a Crypto Asset Service Provider under the Markets in Crypto Assets Regulation (MiCAR) to solidify its presence in Ireland and make it the base for its European operations.
MiCAR, set to replace existing crypto-asset regulations in the European Economic Area (EEA), will introduce a multi-jurisdiction framework governing crypto-asset markets, with CASP regulations coming into effect by the end of the year.
Conclusion
Ramp Network’s choice to set up in Ireland showcases its global expansion plans. With subsidiaries in Brazil, the US, and the UK, the company aims to offer innovative cryptocurrency services and facilitate crypto adoption worldwide, emphasizing compliance and safety in its operations.
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