, 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 regulations and participate in the country’s thriving crypto market.
The UK’s Financial Conduct Authority 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.
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: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.This solution is particularly beneficial for non-custodial wallets like Metamask and Trust Wallet, which can use this model to access the UK market.
“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.is a financial technology company building solutions that connect the crypto economy with today’s global financial infrastructure.
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