The company hopes to make Ireland its European headquarters.
- Ramp Network has obtained Virtual Asset Service Provider (VASP) registration in Ireland.
- The company plans to make Ireland its European headquarters and obtain a license as a crypto asset service provider.
The Irish subsidiary of U.K. crypto infrastructure firm Ramp Network has obtained virtual asset service provider (VASP) registration in Ireland, the company said in a press release Thursday.
Ramp Network is a fintech company building payment rails that connect cryptocurrencies to the global financial system. The registration will enable its users to exchange fiat currencies for more than 100 crypto assets.
The company hopes to make Ireland its European headquarters and has already established a team and operations in Dublin. It intends to obtain authorization as a Crypto-Asset Service Provider (CASP) under the Markets in Crypto-Assets Regulation (MiCA).
To become a licensed CASP under MiCA, the EU’s bespoke rules for cryptocurrencies, a company needs to have a registered office in an EU member state, conduct part of its business there, and have a resident director.
Many cryptocurrency companies, such as cryptocurrency exchange Coinbase, have been licensed in Ireland. In October, Coinbase said it wanted Ireland to become its EU hub because of its supportive environment for fintech companies.
Cryptocurrency exchange Kraken also received an electronic money institution license in Ireland in September, and Standard Chartered-backed Zodia Markets received registration in the country in October.