Crypto payment app Sling Money has got approval from the Financial Conduct Authority in the United Kingdom, and this is another major move towards advancing stablecoin payment services in major markets.
The regulation will enable Sling Money's parent company, Avian Labs, to legally function as a registered crypto services provider in the United Kingdom. The development comes after Sling Money received licenses from the Dutch regulatory body in the first half of this year under the European Union’s Markets in Crypto-Assets regulation.
Sling Money is intended to be a peer-to-peer payments application that allows users to make and receive payments via stable coins instead of banking rails. This application allows users to send and receive funds via the Paxos-issued USDP stable coin, a dollar-denominated stable coin, and the euro-denominated EURC stable coin. This application settles transactions on the Solana blockchain.
In regard to the capabilities of TC holding and transfer, another feature of the Sling platform is the direct connection it provides with users bank accounts. This connection facilitates payments from the fiat accounts and from the app itself with ease, an aspect which combines traditional finance with payments using blockchain technology. Additionally, the system allows instant money withdrawal in local currency in 80 countries using local exchanges licensed by local governments.
The UK approval puts Sling in an ever-growing list of crypto payment companies recognized by regulators due to the increasing use of stablecoin transactions in cross-border payment services. These services are also considered alternatives for international remittance services used across borders, especially for daily transfers.
Sling Money is already a regulated Money Services Business within the United States, and it received licensing approval from the Dutch regulator in April, enabling it to operate in all European Economic Area countries. The service is also operational in a closed beta mode within the U.K. market.
As the regulatory bodies are inspecting crypto services that function similarly within conventional financial systems, Sling's growing regulatory scope illustrates that stablecoin payment platforms are ready to work within existing regulatory frameworks yet strive for global adoption.
#FCA
