UK-based crypto infrastructure firm Ramp Network has chosen Ireland as its European base, joining a growing number of cryptocurrency firms establishing headquarters in the country.
Steven Eisenhauer, Ramp’s chief risk and compliance officer, explained in an interview with the Irish Independent that Ireland’s appeal lies in its potential as a premier choice for crypto firms awaiting a regulatory framework to govern the industry.
Eisenhauer emphasized the importance of building consumer trust, citing Ireland’s significance with approximately 12 registered virtual asset service providers.
He estimated that half of the crypto firms preparing for the EU’s Markets in Crypto-Assets Regulation (MICA) are considering Ireland, along with France, Germany, and Belgium.
Ramp Network, a British fintech startup facilitating crypto-to-fiat currency transactions globally, has obtained registration as a virtual asset services provider in Ireland. Eisenhauer clarified that Ramp’s decision to establish its EU headquarters in Ireland was not about evading regulatory oversight but seeking genuine regulators.
He praised the Central Bank of Ireland’s approach to crypto regulation, describing engagements with the bank as positive, collaborative, and amicable. Eisenhauer commended the bank’s efforts to strike a balance between supporting businesses and maintaining integrity and independence.
While some companies, like stablecoin issuer Circle, have opted to relocate their headquarters from Ireland to the US, such occurrences are rare due to Ireland’s favorable business environment and low tax rates, with a corporate tax rate of 12.5%.
Despite occasional shifts, Ireland continues to attract cryptocurrency companies, such as Coinbase, which selected Ireland as its base for EU operations under the upcoming MiCA regulations, drawn by its reputation for fintech friendliness and well-regarded regulatory environment.
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