Categories: Business

London Stock Exchange-listed firm inks FCA’s approval for crypto services

Mode Global Holdings, a London Stock Exchange-listed fintech group, has secured major regulatory approvals for cryptocurrency and fintech operations in the United Kingdom.

The company announced Thursday that Mode has secured its Electronic Money Institution license and AMLD5 registration from the U.K. Financial Conduct Authority.

The AMLD5 registration has been granted to Mode’s crypto arm Fibermode Limited, establishing it as an official crypto asset firm in the United Kingdom, pursuant to the amended regulations on money laundering, terrorist financing and transfer of funds.

The AMLD5 registration is a requirement for crypto-related businesses in the country that fall within the scope of money laundering regulations. According to the announcement, Mode is the fifth company to have received this registration to date since the FCA became the official AML supervisor of the crypto industry in the U.K. in January 2020.

Alongside the AMLD5, Mode’s subsidiary Greyfoxx Limited also acquired the EMI license, which enables Mode to offer a “range of innovative financial services” to both businesses and consumers in the United Kingdom, the announcement notes.

Following the acquisition of new regulatory approvals, Mode is planning to further expand its crypto services, including decommissioning its investment product known as the “Bitcoin Jar.” The product aims to allow Mode customers to use Bitcoin (BTC) to generate BTC interest rather than simply holding it in a wallet or on an exchange.

Mode CEO Ryan Moore noted that the new regulatory developments provide a major step in Mode’s mission to deliver a trusted and regulated environment. “It means we now have the ability to scale our operations and continue delivering innovative payments products for our customers under our own EMI licence. Both the EMI licence and the AMLD5 registration ensure business transparency, strong oversight and give our customers confidence in our offering,” he said.

Related: UK regulator warns against 111 unregistered crypto companies… and FOMO

The latest news comes shortly after a member of the British Parliament pointed out major difficulties in the process of registering crypto firms under the FCA’s AML regulations in late May. Economic secretary John Glen elaborated that FCA was not able to process and register all applications by its previous deadline due to a significant number of firms failing to adopt robust AML control frameworks as well as employ proper staff.

admin

Share
Published by
admin

Recent Posts

Is there a way for the crypto sector to avoid Bitcoin’s halving-related bear markets?

There is good reason to be afraid. Previous down markets have seen declines in excess…

2 years ago

UPS and FedEx are good dividend stocks, but which should you take?

United Parcel Service, Inc. (NYSE:UPS) and FedEx Corporation (NYSE:FDX) are two robust logistics companies. Both…

2 years ago

Bitfarms sold 3K Bitcoin as part of strategy to improve liquidity and pay debts

Canadian crypto mining firm Bitfarms sold roughly $62 million worth of Bitcoin (BTC) in June,…

2 years ago

This biotech stock is up 100% on Tuesday: here’s the catalyst

Invezz does not provide financial advice. Our aim is to simplify information about investing, enabling…

2 years ago

Japanese film studio announces the production of a series based on crypto

Noma, a Japanese film studio, has announced that it is producing three feature films that…

2 years ago

Bitcoin price taps 5-day highs as Shiba Inu leads altcoin gains

Bitcoin (BTC) saw continued strength on June 21 as Wall Street trading opened with a…

2 years ago