Sling Money, a digital currency payment app developed by Avian Labs, has received a Virtual Asset Service Provider (VASP) license from the United Kingdom's Financial Conduct Authority (FCA). This regulatory approval allows the company to legally offer crypto-related services to British customers, including facilitating crypto transfers and exchanges under the oversight of one of the world's most respected financial regulators.
The UK license represents a significant expansion of Avian Labs' European footprint, coming shortly after the company secured regulatory approval under the European Union's Markets in Crypto-Assets (MiCA) framework from Dutch authorities. This dual licensing positions Sling Money among a growing cohort of crypto payment companies establishing compliant operations across major jurisdictions.
The Sling Money app enables users to transact with Paxos' dollar-pegged stablecoin USDP and Circle Internet's euro stablecoin EURC. The service utilizes the Solana blockchain for settlement, allowing users to send and receive digital dollars and euros worldwide within seconds. Following the UK approval, the app will be linked to users' bank accounts to enable direct fund transfers, complementing assets held within the mobile application itself.
Currently, Sling Money is available only as a closed beta program in the U.K. The company is also regulated as a Money Services Business in the United States, though the new licenses specifically cover European operations.
This development occurs against a backdrop of increasing popularity for stablecoin payments as an alternative to traditional cross-border transactions. The licensing demonstrates how crypto services are increasingly resembling mainstream financial infrastructure while facing heightened regulatory scrutiny. Other companies are making similar moves: South Korea's BC Card recently completed a pilot allowing foreign users to pay local merchants using stablecoins, while Intuit announced a multi-year strategic partnership with Circle to leverage USDC across its platform including Credit Karma, Mailchimp, TurboTax, and QuickBooks.
The FCA authorization requires Sling Money to adhere to strict anti-money laundering (AML) and know-your-customer (KYC) standards, which the company says enhances user trust and enables greater mainstream accessibility. Regulatory compliance is seen as crucial for bridging the gap between traditional finance and the digital asset ecosystem.
