important notes
- Sling Money can now offer cryptocurrency services in the UK following market regulator approval.
- Avian Labs is already licensed under the European Union’s MiCA regulatory framework.
- Stablecoin payments are becoming increasingly popular, and Sling Money stands to benefit from this. .
Sling Money, a digital currency payments app developed by Avian Labs, has received UK regulatory approval to provide crypto-related services. This license comes at a time when stablecoin payments are gaining popularity globally.
Sling Money joins other UK regulated crypto companies
The UK Financial Conduct Authority (FCA) has granted approval to Avian Labs to operate as a cryptocurrency service provider in the region. Previously, the company had obtained a license from the Dutch regulator under the European Union’s Market for Cryptoassets (MiCA) framework, but this approval expands its scope of operations in Europe.
Additionally, Sling Money is among a growing number of crypto payment companies that have secured regulatory rights in major jurisdictions. The Sling Money app allows users to trade in Paxos’ dollar stablecoin, USDP, and Circle Internet’s euro equivalent, EURC. It will now be linked to users’ bank accounts, allowing them to transfer funds directly.
This is in addition to the assets held in the mobile application. Notably, transfers are made via the Solana blockchain, allowing users to send and receive digital dollars and euros around the world in seconds.
Until then, Sling Money is only available as a closed beta program in the UK, but it is also regulated as a money services business in the US.
Stablecoins become the latest sensation
Stablecoin payments are becoming increasingly popular as an alternative to traditional cross-border payments. At the same time, there is increased scrutiny of crypto services that increasingly resemble mainstream financial infrastructure. Based on this premise, many companies are aggressively moving into niche markets.
South Korea’s BC Card recently completed a pilot that allows foreign users to pay to domestic merchants using stablecoins. Tourists converted stablecoins from overseas wallets into digital prepaid cards and used them at Korean stores without any technical glitches or payment errors.
Related article: UK officially recognizes virtual currency as property
Intuit also recently announced a multi-year strategic partnership with stablecoin provider Circle. The goal is to leverage Circle’s USDC token and stablecoin infrastructure across the Intuit platform. The platform includes products such as Credit Karma, Mailchimp, TurboTax, and QuickBooks.
This will ultimately “enable new experiences of refunding, sending, saving, and making payments that were not possible with traditional rail.”
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