Sling Money Secures UK FCA Approval as Solana-Based Stablecoin Payments Gain Traction
Stablecoin payments app Sling Money has received approval from the UK's Financial Conduct Authority (FCA). The move paves the way for wider adoption of Solana-based cross-border transfers.
Are your international money transfers about to get a crypto-powered upgrade? Sling Money, a stablecoin payments app, has officially received the green light from the U.K.'s top financial regulator. The move signals a major step forward for using blockchains like Solana for faster, cheaper cross-border payments, challenging the dominance of traditional financial rails.
FCA Nod Puts Sling Money on the Map
Avian Labs, the developer behind Sling Money, announced it has received approval from the U.K.'s Financial Conduct Authority (FCA) to operate as a crypto services provider. This approval expands its European footprint after securing a license from the Dutch regulator in April. The decision places the app among a growing cohort of regulated crypto payment firms, as stablecoin-based transfers gain traction as a viable alternative to legacy cross-border payment systems.
How Solana Powers Near-Instant Transfers
The app allows users to transact with Paxos' dollar stablecoin, USDP, and Circle's euro equivalent, EURC. These transfers occur on the Solana blockchain, enabling users to send and receive digital currencies worldwide in seconds. According to the company, Sling also offers instant local currency withdrawals in 80 countries through local partnerships. For now, the service is only available as a closed beta program in the U.K.
Building a Global Regulatory Footprint
This isn't Avian Labs' first regulatory rodeo. The company is already regulated as a Money Services Business with the U.S. Treasury. In the Netherlands, it received a license under the European Union's Markets in Crypto-Assets (MiCA) framework, granting it access to the 30 countries in the European Economic Area. The U.K. approval appears to be a key part of its strategy to build a compliant, global payments network.
Cryptocurrencies and stablecoins are volatile and subject to significant regulatory risk. Any investment decisions should be made with caution and at your own risk.
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