Regulation
Ramp’s solution for the Web 3 industry
[PRESS RELEASE – London, England, July 12th, 2024]
Network of rampsthe financial technology company that develops payment solutions that connect cryptocurrencies to the global financial system, today announced a revolutionary solution that allows non-custodial wallets to comply with the regulations of the UK’s Financial Conduct Authority (FCA) and participate in the country’s thriving cryptocurrency market.
The UK’s Financial Conduct Authority (FCA) has established a rigorous, world-leading framework for cryptocurrency promotions, requiring firms to adhere to strict but valuable customer protection rules. This is a challenge for Web3 firms and non-custodial wallets, which are not eligible for direct FCA authorization. In fact, there was no way for a non-custodial wallet to provide other features, such as staking, on-ramp, or swapping. It has even been referred to by some in the industry as a “de facto ban on wallets in the UK”The model means that industry partners can continue to offer services in the UK, in a modified but compliant way.
Ramp’s innovative solution bridges this gap, enabling non-custodial wallets to navigate FCA regulations and access the UK market in a compliant manner. Here’s how it works:
- Partnership with a Section 21 Approver: Ramp works with Archax, a regulated third party, to manage compliance checks for promotions targeting UK users.
- Simplified process for partners: Non-custodial wallets can leverage Ramp’s pre-approved compliance infrastructure to ensure their UK-bound promotions meet all the requirements of these FCA regulations.
- Early traction: This solution is particularly advantageous for non-custodial wallets such as Metamask and Trust Wallet, which can use this model to access the UK market.
Advantages of Web3 products:
- Simplified compliance: Avoid the complexities of managing FCA regulations on your own.
- Faster market entry: Reach the UK market quickly and compliantly with the Ramp solution.
- Concentration on core business: Focus on developing your portfolio and user experience.
Ramp’s innovative model paves the way for non-custodial wallets to participate in the growing UK cryptocurrency market, while ensuring regulatory compliance and prioritising customer protection.
“This model is entirely new and demonstrates Ramp’s ambitious, forward-thinking, and compliance-focused approach to the ever-changing and challenging cryptocurrency regulations,” said Steven Eisenhauer, Chief Risk & Compliance Officer at Ramp Network.
Would you like to know more? A conversation with Steven Eisenhauer, Chief Risk & Compliance Officer at Ramp Network, with DL Research: https://www.dlnews.com/research/a-conversation-with-steven-eisenhauer-chief-risk-compliance-officer-at-ramp-network/
About Ramp
Ramp is a financial technology company that develops solutions that connect the crypto economy with today’s global financial infrastructure. Through its core on- and off-ramp products, Ramp offers businesses and individuals in over 150 countries a streamlined and seamless experience when converting cryptocurrencies and fiat currencies. Ramp is fully integrated with the world’s leading payment methods, including debit and credit cards, bank transfers, Apple Pay, Google Pay, and more.
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