London, England, July 12th, 2024,
Chainwire
Ramp Network, the financial technology company
building payment rails connecting crypto to the global financial
system, today announced a groundbreaking solution that enables
non-custodial wallets to comply with the UK Financial Conduct
Authority's (FCA) regulations and participate in the country's
thriving crypto market.
The UK's Financial Conduct Authority (FCA) has established a
world-leading and rigorous framework for crypto promotions,
requiring firms to comply with strict but valuable customer
protection rules. This is a challenge for Web3 businesses and
non-custodial wallets, which are ineligible for direct FCA
authorization. Effectively, there was no way for a non-custodial
wallet to provide any other features, like staking, on-ramping or
swapping. It was even 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 within the UK, in a modified, but
compliant manner.
Ramp's innovative solution bridges this gap, empowering
non-custodial wallets to navigate the FCA's regulations and access
the UK market compliantly. Here's how it works:
- Partnership with a Section 21 Approver: Ramp
collaborates with Archax, a regulated third party to handle
compliance checks for promotions targeting UK users.
- Streamlined Process for Partners:
Non-custodial wallets can leverage Ramp's pre-approved compliance
infrastructure to ensure their UK-targeted promotions meet all the
requirements of these FCA regulations.
- Early Traction: This solution is particularly
beneficial for non-custodial wallets like Metamask and Trust
Wallet, which can use this model to access the UK market.
Benefits for Web3 products:
- Simplified Compliance: Avoid the complexities
of navigating the FCA's regulations alone.
- Faster Market Entry: Quickly and compliantly
reach the UK market with Ramp's solution.
- Focus on Core Business: Focus on developing
your wallet and user experience.
Ramp's innovative model paves the way for non-custodial wallets
to participate in the growing UK crypto market while ensuring
regulatory compliance and prioritising customer protection.
“This model is entirely new, and demonstrates Ramp’s ambitious,
forward-thinking, and compliance-led approach to the ever-changing
and challenging face of crypto regulations,” said Steven
Eisenhauer, Chief Risk & Compliance Officer at Ramp
Network.
Want to learn 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 building
solutions that connect the crypto economy with today’s global
financial infrastructure. Through its core on- and off-ramp
products, Ramp provides businesses and individuals across 150+
countries with a streamlined and smooth experience when converting
between cryptocurrencies and fiat currencies. Ramp is fully
integrated with the world’s major payment methods, including debit
and credit cards, bank transfers, Apple Pay, Google Pay, and
more.
Contact
Leora
Schreiber
pr@marketacross.com