Crypto Infrastructure Firm Ramp Network Secures Ireland Registration

Ramp Network has secured registration of virtual asset services providers (VASP) in Ireland.

It plans to make Ireland its European hub and obtain a license as a Crypto Asset Service Provider.

The Irish subsidiary of UK-based crypto infrastructure company Ramp Network has secured virtual asset services providers (VASP) registration in Ireland, the company said in a press release on Thursday.

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

The company wants to make Ireland its European hub and has set up a team and operations in Dublin. It plans to be authorized as a Crypto Asset Service Provider (CASP) under the Crypto Asset Markets Regulation (MiCA).

To become a licensed CASP under MiCA, the European Union’s specific rules for crypto, a company must have a registered office and a resident director in an EU member state where it conducts part of its business.

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

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