Avian Labs, which operates the cryptocurrency payment service Sling Money, has expanded its operations in Europe after receiving approval to operate as a cryptocurrency service provider from the UK Financial Conduct Authority and a license from Dutch regulators in April.
The approval places the person-to-person payments app among a growing group of cryptocurrency payment companies that are gaining regulatory support in major jurisdictions as stablecoin-based money transfers grow in popularity as an alternative to traditional cross-border payments. The expansion comes amid increased scrutiny of crypto services, which increasingly resemble mainstream financial infrastructure.
The app allows users to trade in USDP, Paxos’ dollar stablecoin, and EURC, Circle Internet’s euro equivalent, and can be linked to a user’s bank account, allowing them to not only hold funds in the mobile application but also send them directly. Remittances take place on the Solana blockchain, allowing users to send and receive digital dollars and euros around the world in seconds.
According to the company’s website, Sling also offers instant local currency withdrawals in 80 countries through partnerships with regulated local providers.
At the moment, Sling is only available as a closed beta program in the UK
The company is already regulated by the US Treasury as a money services business, and in April it received a license from Dutch regulators under the European Union’s Market for Cryptoassets (MiCA) framework, giving it access to 30 countries in the European Economic Area.
