Avian Labs, the developer of the Sling Money application, has been approved by the UK's Financial Conduct Authority (FCA) to operate as a cryptocurrency service provider.

The application supports money transfers via the Solana blockchain and allows for nearly instant local currency withdrawals in 80 countries. Sling Money has been regulated in the Netherlands and the US, while currently undergoing closed beta testing in the UK.

MAIN CONTENT

  • FCA approves Avian Labs to operate cryptocurrency services in the UK.

  • Sling Money transfers money via Solana, allowing for instant local currency withdrawals in 80 countries.

  • The application has been regulated in the Netherlands and the US, and is currently in closed beta in the UK.

FCA approves Sling Money in the UK

On December 24, Avian Labs received FCA approval to operate as a cryptocurrency service provider in the UK.

This move establishes the legal framework for Sling Money to offer services in the UK market amid the application being in closed beta testing. The approval from the FCA is a crucial requirement for the product rollout under local regulatory frameworks.

Before expanding into the UK, Sling Money was regulated in two other markets, the Netherlands and the US, indicating that the application is pursuing a multi-jurisdictional compliance roadmap when providing cryptocurrency-related services.

How Sling Money works: Solana and local currency withdrawals

Sling Money allows users to transfer money through the Solana blockchain and withdraw local currency almost instantly in 80 countries.

The application utilizes Solana infrastructure to conduct money transfers while focusing on providing a fast local currency withdrawal experience for end users. The product highlight is the ability to withdraw funds almost instantly, helping to reduce delays when converting from cryptocurrency to fiat in many markets.

The scope of 80 countries shows that Sling Money positions itself as a cross-border money transfer service, with a blockchain layer handling the transfer flow and a local currency withdrawal layer to complete the transaction lifecycle for users.

Source: https://tintucbitcoin.com/fca-anh-duyet-avian-labs-thanh-toan-crypto/

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