Crypto Payments App Sling Money Bags UK FCA License

Core Insights - Sling Money, a digital currency payment app by Avian Labs, has received regulatory approval from the UK Financial Conduct Authority (FCA) to offer crypto-related services, coinciding with the rising popularity of stablecoin payments globally [1][2]. Group 1: Regulatory Approval - The FCA has granted Avian Labs the license to operate as a crypto services provider in the UK, expanding its reach after previously securing a license under the EU's Markets in Crypto-Assets (MiCA) framework from the Dutch regulator [2]. - This approval positions Sling Money among a growing number of regulated crypto payment companies in major jurisdictions [3]. Group 2: Service Features - The Sling Money app enables users to transact using Paxos' USDP stablecoin and Circle's EURC stablecoin, with plans to link the app to users' bank accounts for direct fund transfers [3][4]. - Transfers are facilitated through the Solana blockchain, allowing users to send and receive digital dollars and euros globally within seconds [4]. Group 3: Market Trends - Stablecoin payments are increasingly favored as alternatives to traditional cross-border payments, with many companies intensifying their efforts in this niche amid growing scrutiny of crypto services [5]. - Recent developments include South Korea's BC Card pilot program allowing foreign users to pay local merchants using stablecoins, demonstrating the practical application of stablecoins in everyday transactions [6]. - Intuit has announced a strategic partnership with Circle to integrate stablecoin infrastructure across its platform, enhancing user experiences in refunds, remittances, savings, and payments [7].