- Ramp Network is approved as a Crypto Asset Service Provider under the MiCAR.
- This EU-wide license allows on-and off-ramp services across all 27 member states.
- MiCAR ensures regulatory clarity, consumer protection, and consistent cross-border operations.
Ramp Network, a financial technology company, has gone live as a licensed Crypto Asset Service Provider (CASP) in the European Union. Now, the company’s complete operations are brought under the MiCAR regulatory framework. Under a single, harmonized license issued by the Central Bank of Ireland, the fintech firm is allowed to serve EU customers.
With this strategic development, Ramp Network can offer fiat-to-crypto and crypto-to-fiat services throughout the bloc without separate national approvals. Meeting the strict regulatory standards of the European Union, the company intends to improve consistency and consumer protection.
Ramp Network Wins MiCAR Approval in EU
According to a press release, Ramp Network announced that the fintech company has gone fully live as a CASP in the EU. This CASP license, under the MiCAR regulatory framework, allows the platform to serve the EU clients. The Central Bank of Ireland will have the power to oversee the operations of the fintech firm.
The company declared that the MiCAR approval could be seen as a “regulatory passport” across all 27 EU member states. This unified license permits the company to provide its services to all customers from multiple states. Ramp Network CEO Przemek Kowalczyk stated, “Operating fully as a licensed Crypto Asset Service Provider represents a major milestone in how Ramp Network serves customers across the European Union.” Kowalczyk added,
“Built and scaled in Europe, Ramp Network continues to serve the region as a core part of its long-term strategy. Becoming fully operational as a CASP reflects the maturity of our operating model and our readiness to serve EU customers under harmonised regulatory standards. This step supports our focus on building a durable, compliant financial infrastructure that connects traditional finance with on-chain systems across Europe.”
The move also reflects the company’s long-term commitment to the EU market. Complying with the world’s first fully harmonized cryptocurrency framework, Ramp Network is supporting the government’s vision of promoting clarity and cross-border consistency in the country, thereby fostering the establishment of the industry. “EU customer activity is now conducted under a single regulatory framework, providing clearer rules, stronger consumer protections, and greater consistency across member states,” stated Przemek Kowalczyk.
What is MiCAR?
The Markets in Crypto-Assets Regulation (MiCAR) is a new set of rules introduced by the European Union to regulate digital assets. The main goal of the framework is to protect consumers and investors by bringing more clarity and oversight to the crypto market.
According to the Central Bank of Ireland’s official blog post, “As part of the European Commission’s Digital Finance Strategy, MiCAR establishes an EU framework for the regulation of specified activities involving crypto-assets that are not already covered by EU law.”
The mentioned activities include the issuance of cryptocurrencies, the custody and management of assets, and the operation of crypto trading platforms and exchanges. As per reports, MiCAR was officially published on June 9, 2023 and became effective initially on June 30, 2024.
Significantly, the European Union’s Move aligns with a broader trend of countries introducing new crypto and blockchain regulations to foster their industries while protecting users. For instance, as Times of Blockchain reported recently, Vietnam is planning to launch a new crypto licensing framework under the supervision of the State Securities Commission.
