The virtual asset services providers (VASP) registration was obtained by the Irish branch of the U.K.-based crypto infrastructure startup Ramp Network, the company announced in a news statement on Thursday. An organisation called The Ramp Network is developing payment rails to integrate cryptocurrency into the world’s financial system. Users who register will be able to swap fiat money for over 100 cryptocurrency assets.
The company has a team and operation in Dublin and intends to establish Ireland as its European headquarters. Under the Markets in Crypto Assets Regulation (MiCA), it hopes to obtain authorization as a Crypto Asset Service Provider (CASP).
Under the European Union’s special crypto regulations known as MiCA, a corporation must have a resident director and a registered office in an EU member state where it conducts part of its business in order to be granted a licence as a CASP.
Numerous cryptocurrency businesses, such as the exchange Coinbase, have obtained licences in Ireland. Coinbase stated in October that Ireland would serve as its EU centre due to the country’s favourable fintech business climate. In September, the cryptocurrency exchange Kraken obtained an e-money institution licence in Ireland, and in October, Zodia Market, which is backed by standard chartered shares, registered in Ireland.