By Samuel Indyk
Investing.com – Mode Global (LON:MODE) has today announced it has received its Electronic Money Institution (EMI) licence and AMLD5 registration from the UK’s Financial Conduct Authority.
The EMI licence enables Mode to offer a range of financial services to both businesses and consumers in the UK.
Mode’s subsidiary, Fibermode Limited, is now a registered cryptoasset firm with the FCA. The AMLD5 registration is a requirement for business conducting cryptoasset activities in the UK which fall within the scope of certain money laundering regulations.
Mode is the fifth UK company to have received the AMDL5 registration to date, while over 80 companies have temporary registration.
“From day one, Mode set out to obtain the necessary licences to become an FCA regulated financial services business in the UK, and today we are extremely proud of what we have accomplished,” said Mode Chairman Jonathan Rowland. “I'm proud to say that Mode is one of only a handful of UK companies to have been granted an EMI licence and AMLD5 registration, and the only one listed on the LSE Main Market.”
The London-listed fintech company also announced it would be decommissioning its investment product, the Bitcoin Jar, from 31st August following the grant o the EMI licence and AMLD5 registration. The company will now focus on building a best-in-class payment solution that offers a Bitcoin cashback offering.
“Today's announcement is a major step in Mode's mission to deliver a trusted and regulated environment, where our customers can feel safe using our products,” Mode CEO Ryan Moore said. “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.”
At 09:53BST, shares in Mode Global were trading 4.0% higher at 48.60 pence per share.