Cryptocurrency regulations vary wildly around the world, and in most jurisdictions, cryptocurrency businesses are not yet regulated - at least not as comprehensively regulated as traditional financial firms.
In many cases, this also means that cryptocurrency investments don’t carry the same assurances or protections as traditional investments. In many cases, this also means that cryptocurrency investments don’t carry the same assurances or protections as traditional investments. Conducting business through cryptocurrency companies may therefore carry additional risks, such as the potential loss of your entire investment due to factors like market volatility or the company's closure.
In some places, such as the UK and the US, crypto businesses must be registered with the corresponding financial regulators in order to legally provide services in the country. In others, there’s no current legal requirement.
Ramp is fully committed to operating in a compliance-first manner. We always look to gain the required licenses or registrations when offering our services within a country. Below, you’ll find a list of jurisdictions where we’re required to comply with regulations, and what type of registration we currently hold.
🇬🇧 How is Ramp regulated in the UK?
Ramp is registered as a Cryptoasset Business with the Financial Conduct Authority (FCA) in the UK. This means that we uphold strict protocols to ensure compliance with anti-money laundering (AML) requirements and other controls against financial crime.
Despite being registered with the FCA, Ramp is NOT regulated by them - that’s because cryptocurrencies are not yet regulated in the UK. For users of our service, this means that, unlike with banks and other regulated financial institutions:
The Financial Services Compensation Scheme (FSCS) doesn’t protect cryptocurrency purchases because they are not a ‘specified investment’ under the UK regulatory regime.
The Financial Ombudsman Service (FOS) will not be able to consider complaints related to Ramp.
We’re closely monitoring the regulatory landscape in the UK, and should regulations be expanded, we’ll work to comply with any requirements that might arise.
🇺🇸 How is Ramp regulated in the US?
Financial regulations in the US apply on both the federal and state levels, so there isn’t a single approach to how cryptoasset businesses can operate within the country.
We currently hold a combination of registrations and licenses that allow us to operate across the majority of (but not all) US states. Here is a breakdown of our licenses and registrations:
On the federal level, Ramp is registered with the Financial Crimes Enforcement Network (FinCEN) as a Money Services Business (MSB).
On the state level, we’re currently registered and hold Money Transmitter Licenses (MTLs) with the states of Alabama and Maryland.
Summary
Ramp is committed to regulatory compliance and safety measures to protect your assets. However, we operate outside the scope of traditional legal protections and assurances that apply to most traditional financial institutions (such as the Financial Ombudsman Service or the Financial Services Compensation Scheme in the UK).