According to a UK, Based Crypto Executive: “Ireland is a Top Location for European Crypto Investments”
Ramp Network, a crypto infrastructure company established in the UK, is establishing its European headquarters in Ireland. It now has a European headquarters in Ireland, joining an increasing number of .
In an interview that was published on Sunday, Steven Eisenhauer, the chief risk and compliance officer at Ramp, stated to the Irish Independent that Ireland is a top option for cryptocurrency companies while they wait for legislation to regulate the market.
“Our main focus is on establishing consumer trust, as this industry has unfortunately harmed trust,” he stated. He pointed out that Ireland, despite its small size, has grown to be a major player, with about 12 registered virtual asset service providers.
“It is my estimation that half of the cryptocurrency companies hoping to establish themselves ahead of the EU’s Markets in Crypto-Assets Regulation are considering Ireland.” Really, it comes down to Belgium, France, Germany, and Ireland, he said.
“We don’t plan to be one of those,” he continued. “There have been some sensationalized stories that make for great Netflix documentaries.”
Ramp Applauds the Irish Central Bank’s Crypto Strategy
The goal of British fintech firm Ramp Network is to close the gap between cryptocurrency and fiat money. With its extensive global reach spanning more than 150 nations and territories, customers can exchange their fiat money, such as dollars and euros, for a variety of cryptocurrency assets.
Additionally, it has successfully obtained registration in Ireland as a provider of virtual asset services, enabling it to set up payment rails there. Eisenhauer stated that Ramp chose Ireland as its EU headquarters because it was more important to look for legitimate regulators than to get around regulatory scrutiny.
He said that interactions had been constructive, cooperative, and cordial with the Central Bank of Ireland (CBI). Eisenhauer emphasized the Central Bank’s capacity to maintain its independence and integrity while being accommodative to enterprises. This guarantees that the registration process feels authentic.
He said that in the past, people had thought of the CBI as being more strict than other regulatory agencies. Nonetheless, the CBI has tried to appoint staff members who have direct knowledge of cryptocurrencies. He claims that there has been a discernible improvement. in the CBI’s comprehension of cryptocurrency. They have professionals on board that understand the subtleties of the sector, unlike other regulators.
Ireland Loses Web3 Company While Circle Decides to Move to the US
Not every business in the cryptocurrency space, though, feels the same way. The stablecoin issuer Circle planned to move its legal headquarters from Ireland to the US, according to rumors that surfaced in May. A representative confirmed to Cryptonews that the parent company of Circle had filed the required paperwork for the company’s transfer to the US with the High Court of the Republic of Ireland.
These kinds of things are uncommon because Ireland’s cheap tax rates and conducive business environment usually draw in a lot of businesses. Its corporation tax rate is only 12.5%, which is a lot less than in the majority of other European nations.
