Company listed on the London Stock Exchange applies for FCA approval for cryptocurrency services June 25, 2021

Mode Global Holdings, a fintech group listed on the London Stock Exchange, has received major regulatory approvals for crypto and fintech activities in the UK.

The company announced Thursday that Mode had secured AMLD5 registration and a cryptocurrency institution license from the UK’s Financial Conduct Authority.

AMLD5’s registration was granted to the crypto arm Fibermode Limited by Mode, establishing it as the official UK crypto asset company under the revised money laundering, terrorist financing and money transfers regulations.

Registering AMLD5 is a requirement for crypto-related businesses in a country that is subject to money laundering regulations. According to the announcement, Mode is the fifth company to have received this registration since the FCA became the official AML custodian of the UK crypto industry in January 2020.

Along with AMLD5, Mode’s subsidiary Greyfoxx Limited has also acquired an EMI license which enables Mode to offer “a range of innovative financial services” to both businesses and consumers in the UK in a newspaper note.

After receiving new regulatory approvals, Mode plans to expand its crypto offerings, including discontinuing an investment product known as the “Bitcoin Jar”. The product aims to enable moderate customers to use Bitcoin (BTC) to generate interest in BTC rather than simply keeping it in a wallet or exchange.

Mode CEO Ryan Moore noted that the new regulatory developments represent an important step forward in Mode’s mission to create a trustworthy and regulated environment. “That means we now have the opportunity to scale our operations and continue to offer our customers innovative payment products under our own EMI license. Both the EMI license and AMLD5 registration ensure business transparency, close monitoring and give customers confidence in our product, ”he said.

Connected: UK regulator warns of 111 unregistered crypto companies … and FOMO

The latest news comes shortly after a member of the UK Parliament pointed out major difficulties in registering crypto companies under the FCA’s AML regulations in late May, with Secretary of the Economy John Glen adding that the FCA is unable to handle all of them Process and register applications up to the prior deadline due to a significant number of companies lacking robust AML control frameworks or hiring staff.