Sling Money receives approval to offer crypto services in UK as stablecoin payments gain popularity

Avian Labs, the company behind crypto payments service Sling Money, received approval to operate as a crypto services provider from the U.K.’s Financial Conduct Authority, expanding its reach in Europe after securing a license from the Dutch regulator in April.

The approval places the person-to-person payments app among a growing cohort of crypto payments firms gaining regulatory backing in major jurisdictions as stablecoin-based transfers become more popular as an alternative to traditional cross-border payments. The expansion comes amid heightened scrutiny of crypto services that increasingly resemble mainstream financial infrastructure.

The app, which allows users to transact with Paxos’ dollar stablecoin, USDP, and Circle Internet’s euro equivalent, EURC, can be linked to users’ bank accounts, enabling funds to be transferred directly in addition to being held in the mobile application. Transfers occur on the Solana blockchain, allowing users to send and receive digital dollars and euros worldwide in seconds.

Sling also offers instant local currency withdrawals in 80 countries through partnerships with regulated local providers, according to the company’s website.

For now, Sling is available only as a closed beta program in the U.K.

The company is already regulated as a Money Services Business with the U.S. Treasury and in April, received a license under the European Union’s Markets in Crypto-Assets (MiCA) framework from the Dutch regulator, granting it access to the 30 countries in the European Economic Area.