On-ramps and off-ramps

Key facts (as of 29 October 2026)

• Visa definition: a Ramp Provider converts transactions "from a fiat currency to a non-fiat currency (for example: cryptocurrency), or vice versa" (Visa Merchant Data Standards Manual, October 2026).
• Card coding: buying crypto with a card normally uses MCC 6051 (or 6012 for financial institutions). If the crypto is bought to gamble, the ramp must use the merchant's code, for example MCC 7995.
• Message flags: card-absent acquisitions of non-fiat currency must use an Account Funding Transaction (processing code 10) with the relevant special condition indicator; card-present ones may use quasi-cash (processing code 11) (Visa MDSM).
• Licensing: regular conversion business needs a licence in most major markets. In the EU the MiCA transitional period ended on 1 July 2026, so unauthorised CASPs must have stopped serving EU clients (ESMA). The UK regime starts on 25 October 2027 (FCA).

An on-ramp turns fiat into stablecoins, for example by bank transfer or card purchase. An off-ramp turns stablecoins back into fiat in a bank account. For a business, the off-ramp is usually the harder step, because that is where a bank has to accept the proceeds.

Types of ramp

How card networks treat ramps

Visa's October 2026 Merchant Data Standards Manual (MDSM) sets out rules that matter to high-risk merchants:

1. A ramp provider selling crypto to a cardholder for general use codes the transaction as MCC 6051 (or 6012 if it is a financial institution). Visa's worked examples: buying Bitcoin or Solana for a general-purpose wallet is 6051; a bank selling a tokenised short-term bond is 6012.
2. A ramp provider is a third party. It "must evaluate the business of every Conversion Affiliate and assign the MCC most appropriate" to that affiliate's business.
3. If the transaction is really on behalf of another high-risk merchant, the ramp must use that merchant's MCC. Visa's example: "for loading a gambling wallet, MCC 7995 must be used and not 6051 as the nature of the transaction is an intent to gamble". In another worked example, a cardholder buying Ethereum to gamble through a ramp's affiliate is coded 7995.
4. Acquisitions of non-fiat currency must use MCC 4829, 6012, 6051 or 6540 as applicable, with the relevant special condition indicator in authorisation and clearing.
5. Where a cardholder is sent from a merchant's site to a high-risk ramp provider, the ramp's name must appear in the merchant descriptor.

flowchart TD
    A[Cardholder pays a ramp provider] --> B{What is the cardholder really buying?}
    B -- Crypto for own general-purpose wallet --> C{Is the ramp a financial institution?}
    C -- No --> D[MCC 6051 + crypto indicator]
    C -- Yes --> E[MCC 6012 + crypto indicator]
    B -- Goods or services from a Conversion Affiliate --> F[MCC of the affiliate's business]
    B -- Loading a gambling wallet or betting --> G[MCC 7995]
    D --> H[Card-absent: AFT processing code 10]
    E --> H

WarningRouting gambling or other restricted payments through a crypto purchase to avoid a category code is miscoding. Card networks treat it as a compliance breach. Stablecoin settlement is only sustainable when the underlying activity is correctly identified. See Merchant category codes.

NoteThe MDSM refers to special condition indicator 7 for cryptocurrency purchases in its quasi-cash section and to "the cryptocurrency special indicator (4)" for NFT purchases in its non-fiat section. Check the current indicator values with your acquirer before building.

Licensing by jurisdiction

Sources: private.law, OTC; ESMA statement of 17 April 2026; FCA press release of 30 September 2026. Regimes change, so confirm the current position in each market.

Off-ramp: what the bank needs to see

private.law sums up a bank's view in two questions: source of funds and an accurate payment purpose. In practice that means:

• the ramp counterparty's identity and licence
• a trade confirmation or settlement statement
• the wallet addresses and transaction hashes involved
• a blockchain-analytics report on those addresses, where available
• a payment reference that describes the real transaction
• for regulated sectors, evidence of the underlying licence (for example a gambling licence)

WarningDescribing a crypto sale as "consulting" or "marketing" to get a wire through is a misrepresentation to the bank. private.law notes it can lead to account freezes, suspicious transaction reports and criminal exposure.

The off-ramp sequence

sequenceDiagram
    participant T as Business treasury
    participant R as Licensed off-ramp
    participant B as Business bank
    T->>R: KYB pack, licence, wallet addresses
    R-->>T: Onboarded, deposit address issued
    T->>R: Send stablecoins (test amount first)
    R->>R: Wallet screening and Travel Rule check
    R-->>T: Trade confirmation and rate
    R->>B: Fiat wire with accurate reference
    B->>B: Source-of-funds review
    B-->>T: Funds credited

Ramps in high-risk flows

Ramps increasingly appear inside payment flows rather than as standalone apps. 15M reported on 6 October 2026 that payment recordings from four online casinos passed through a MiCA-licensed CASP before users reached iDEAL, the Dutch bank payment method. Whatever the facts of any one case, the pattern matters: regulators and card schemes look through the ramp to the underlying merchant. That is why Visa requires the merchant's MCC to be used when the purpose is gambling.

Illustrative example: comparing exit routes

Illustrative example. All quotes are invented.

The cheapest headline route is not always the best. A business should weigh counterparty risk, banking acceptance of the proceeds, and the quality of the documents each route produces.

Q/A

Do I need a licence to convert my own business's revenue?

Converting your own funds through a licensed provider is usually different from running a conversion business for others. The line depends on local law, so take advice.

Why does my bank ask for transaction hashes?

They let the bank's compliance team trace the stablecoins on-chain and match the history you have described.

Can a non-EU ramp serve my EU entity?

ESMA's April 2026 statement says entities outside the EU may not provide MiCA services to EU clients, including in a business-to-business context, except under narrow reverse solicitation.

Who sends first in an OTC trade?

It is negotiated. Larger, established counterparties often expect the client to send first. Escrow or delivery-versus-payment arrangements reduce that risk.

Are card ramp transactions eligible for chargebacks?

Yes, they are card transactions. That is one reason ramp providers carry high-risk status.

Is a stablecoin payout to a player an off-ramp?

Not for the operator, but the player will need one to reach bank money. See Player payouts and withdrawals.

Sources

• Visa, Visa Merchant Data Standards Manual (October 2026): https://usa.visa.com/dam/VCOM/download/merchants/visa-merchant-data-standards-manual.pdf
• private.law, OTC: https://wiki.private.law/en/otc
• Tether, fees: https://tether.to/en/fees/
• ESMA, statement on the end of MiCA transitional periods (17 April 2026): https://www.esma.europa.eu/sites/default/files/2026-04/ESMA75-113276571-1679_Statement_on_the_end_of_transitional_periods_under_MiCA.pdf
• FCA, gateway to regulated crypto opens (30 September 2026): https://www.fca.org.uk/news/press-releases/fca-opens-gateway-regulated-crypto
• 15M, payments and fintech news: https://15m.com/news/payments-fintech/