Ramp Network, a prominent UK-based crypto infrastructure firm, has selected Ireland as its new European headquarters, marking a significant move in the crypto industry. The company has already established a team and operations in Dublin, joining a growing list of crypto-focused firms setting roots in Ireland.
Steven Eisenhauer, Ramp Network’s Chief Risk and Compliance Officer, shared insights with the Sunday Independent, highlighting Ireland’s emerging role in the crypto sector. “Ireland’s really been picking up a lot of steam and is punching above its weight,” Eisenhauer remarked, noting that around 12 virtual asset service providers (VASPs) are now registered in the country.
Eisenhauer emphasized Ireland’s attractiveness for crypto firms preparing for the upcoming EU regulatory framework known as Markets in Crypto-Assets Regulation (MiCA). “I would estimate that half of the crypto firms looking to set up in advance of MiCA are looking at Ireland. It’s really down to Ireland, France, a little in Germany and perhaps Belgium,” he said.
This shift marks a significant change for an industry that previously sought regulatory approval in Eastern Europe. Eisenhauer stressed the importance of building consumer trust in the crypto space, an industry marred by sensationalized stories and high-profile scandals. “Building that consumer trust is the big thing for us because trust has been hurt in this industry unfortunately,” he explained.
He continued, “There have been some sensationalised stories that make for great Netflix documentaries but we don’t plan to be one of those. We are offering something different. We are a serious organisation in the ecosystem and Ireland is part of that story for us.”
Ramp Network’s VASP registration in Ireland allows it to construct payment rails, enabling users to easily exchange fiat currencies, such as euros and dollars, for over 100 crypto assets. “We want to be seen as a positive force in the ecosystem,” Eisenhauer said. “There’s a lot of noise around the crypto space. We know that and you read that in the headlines. We definitely differentiate ourselves from the ‘shoot from the hip’ firms.”
Choosing Ireland for their EU headquarters, Eisenhauer explained, was a deliberate move towards regulatory compliance. “For us, it was a case of running towards the real regulators rather than running away from regulators. We’re hoping to be viewed as the adults in the room and that we’re in it for the long run,” he stated.
Interactions with the Central Bank of Ireland (CBI) have been notably positive. Eisenhauer described them as “supportive, collegiate, and pleasant,” and praised the CBI’s balanced approach. “I think the CBI has really found a sweet spot. They’re business-friendly, but at the same time, always maintain their integrity and independence; you feel you are obtaining a real registration,” he noted.
Eisenhauer underscored the significance of genuine regulatory approval for their investors and customers, demonstrating Ramp Network’s commitment to compliance. “It shows our customers we’re not just going for the easy registration or permissions. It shows them we’re going for the regulator who will be there to protect them,” he asserted.
Acknowledging the CBI’s rigorous reputation, Eisenhauer highlighted the bank’s proactive steps in enhancing its crypto expertise. “There’s definitely a sense that the CBI has stepped up in terms of crypto knowledge,” he added. “Not all regulators have brought in talent that can speak the same language, or that can understand the product and the risks involved.”
As Ramp Network settles into its new European base, its move underscores Ireland’s growing stature in the crypto regulatory landscape, reflecting a broader trend of the industry’s shift towards greater compliance and consumer trust.
