‘We don’t plan to be Netflix fodder’ – UK crypto firm says Central Bank has found ‘sweet spot’ for currency trade
Crypto infrastructure firm Ramp Network is to make Ireland its EU headquarters – and the company says it’s getting on just fine with regulator, the Central Bank
Ramp’s chief risk and compliance officer Steven Eisenhauer told the Sunday Independent that Ireland is a key destination for crypto firms ahead of a new regulatory framework to govern the sector.
Building consumer trust is the big thing for us because trust has been hurt in this industry unfortunately
“Ireland’s really been picking up a lot of steam and is punching above its weight,” said Eisenhauer, with about 12 virtual asset service providers now registered here.
“I would estimate that half of the crypto firms looking to set up in advance of MICA [the EU’s Markets in Crypto-Assets Regulation] are looking at Ireland. It’s really down to Ireland, France, a little in Germany and perhaps Belgium,” he said.
That’s a big change for an industry that tended to look more to eastern Europe for regulatory approval.
“Building that consumer trust is the big thing for us because trust has been hurt in this industry unfortunately.
“There have been some sensationalised stories that make for great Netflix documentaries but we don’t plan to be one of those.
Ramp has secured a virtual asset services providers (Vasp) registration in Ireland
“We are offering something different. We are a serious organisation in the ecosystem and Ireland is part of that story for us,” he said.
Ramp has secured a virtual asset services providers (Vasp) registration in Ireland that allows it to build so-called payment rails enabling users to easily exchange fiat currencies (currencies not backed by precious metal) such as euro and dollars for more than 100 crypto assets.
We definitely differentiate ourselves from the ‘shoot from the hip’ firms
“We want to be seen as a positive force in the ecosystem,” said Eisenhauer. “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 our EU HQ was, for us, 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 said.
Interactions with the Central Bank had been “supportive, collegiate and pleasant”, he said.
“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.
The CBI had ‘an historic reputation for being a bit more demanding’
“That is important in terms of showing our investors and customers that we take compliance seriously. Probably more importantly, 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.”
The CBI had “an historic reputation for being a bit more demanding” than other regulators, he said, but had recruited staff with direct crypto experience.
“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.”
