Ramp’s Solution for the Web 3 Industry

(PRESS RELEASE – London, England, July 12, 2024)

Ramp Network, a financial technology company building payment systems that connect cryptocurrencies to the global financial system, today announced a groundbreaking solution that enables non-custodial wallets to comply with the UK Financial Conduct Authority (FCA) and participate in the country’s burgeoning cryptocurrency market.

The UK Financial Conduct Authority (FCA) has established a world-leading and rigorous framework for the promotion of cryptocurrencies, requiring firms to adhere to strict but valuable customer protection rules. This poses a challenge for Web3 firms and no-deposit wallets that do not qualify for direct FCA authorisation. In practice, it was not possible for a no-deposit wallet to provide any other features, such as staking, on-ramp or swapping. Some in the industry even referred to it as “de facto wallet ban in the UK”This model means industry partners can continue to offer services in the UK in a modified but compliant way.

Ramp’s innovative solution fills this gap by enabling non-custodial portfolios to navigate FCA regulations and access the UK market compliantly. Here’s how it works:

• Section 21 Approver Partnership: Ramp works with Archax, a regulated third party, to conduct compliance checks on promotions targeted at users in the UK.
• Streamlined process for partners: Non-custodial portfolios can use Ramp’s pre-approved infrastructure to ensure their UK-facing promotions meet all FCA regulatory requirements.
• Early traction: This solution is particularly beneficial for non-custodial wallets such as Metamask and Trust Wallet, which can use this model to access the UK market.

Benefits for Web3 products:

• Simplified Compliance: Avoid the complications of navigating FCA regulations on your own.
• Faster time to market: Enter the UK market quickly and compliantly with Ramp solutions.
• Focus on core business: Focus on growing your portfolio and user experience.

Ramp’s innovative model paves the way for non-custodial wallets to participate in the UK’s growing cryptocurrency market, while ensuring regulatory compliance and putting customer protection first.

“This model is completely new and is a testament to Ramp’s ambitious, forward-thinking, compliance-focused approach to the ever-changing and challenging realities of cryptocurrency regulation,” said Steven Eisenhauer, Chief Risk and Compliance Officer at Ramp Network.

Want to learn more? A conversation with Steven Eisenhauer, Chief Risk and Compliance Officer at Ramp Network, from DL Research: https://www.dlnews.com/research/a-conversation-with-steven-eisenhauer-chief-risk-compliance-officer-at-ramp-network/

About the Ramp

Ramp is a financial technology company that creates solutions that connect the cryptoeconomy to today’s global financial infrastructure. Through its core on- and off-ramp products, Ramp provides businesses and individuals in over 150 countries with a streamlined and seamless experience when converting between 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.