The EMI licence, which has been granted to Mode’s subsidiary Greyfoxx Limited, will enable 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, pursuant to the amended Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLRs) and is registered with the FCA (also known as AMLD5 registration).
The AMLD5 registration is a requirement for businesses conducting cryptoasset activities in the UK which fall within the scope of the MLRs. Mode is the fifth company to have received this AMDL5 registration to date (out of 80+ companies which currently have Temporary Registration under the MLRs).
With the granting of the EMI licence and AMLD5 registration, comes renewed focus for Mode. The Company has announced it is decommissioning its investment product, the Bitcoin Jar, from 31 August 2021, to focus on building a payment solution with a Bitcoin cashback offering.