Avian Labs’ Sling Money Secures FCA Approval

Avian Labs, the company behind the crypto payments app Sling Money, has gotten approval from the UK Financial Conduct Authority (FCA). According to the announcement, the approval will enable Sling Money to operate as a registered crypto service provider. 

Undoubtedly, this approval marks a significant step for the company as it expands its reach in Europe. It also reflects that regulators in the UK are becoming more accepting of blockchain payment solutions.

Sling Money to Operate as a Crypto Service Provider in the UK

Sling Money facilitates global money transfers using the Solana blockchain, known for its speed and low transaction costs. Users can send money instantly across borders and enjoy near-real-time settlement. One key feature of Sling is that it allows users to withdraw local currency instantly in over 80 countries.

Notably, this approval helps build trust with users and partners. Currently, Sling Money is only available in the UK through a closed beta program. This limited launch enables Avian Labs to test performance, gather user feedback, and improve its features before launching to the public.

Meanwhile, Avian Labs’ FCA approval comes at a time when more people and businesses are seeking quick and affordable ways to send money worldwide. As such, Sling Money is well-positioned to meet these growing needs.

Bitpanda Secures FCA Approval

Similarly, American cryptocurrency platform Bitpands has received regulatory approval from the FCA. With this green light, Bitpanda is set to offer UK investors access to over 500 crypto assets.

The approval is a significant milestone for Bitpanda, which had previously paused new user onboarding in the UK due to the FCA’s tightened Financial Promotions (FinProm) regime in late 2023.

As the exchange expands its reach, its adherence to both UK and EU regulations could position it as a leader in the crypto space.

MiCA Reshapes Stablecoin Dynamics in Europe

The introduction of MiCA has been a game-changer for the European stablecoin ecosystem. These regulations, governing asset-referenced and electronic money tokens, began their phased rollout in June 2024. As reported by TheCoinRise, euro-dominated trading volumes have consistently exceeded 2023 averages throughout 2024.

In a different view, the European Commission affirmed that MiCA rules have made it difficult for companies to issue stablecoins in Europe. The commission explained that only 11 crypto firms have been able to pass its strict regulations. One amongst others is Circle, the company behind the U.S. stablecoin USDC.

The commission’s statement, however, does not fully agree with the ECB’s warning. The commission stated that the ECB may have misinterpreted how MiCA operates. This is because the law already provides strong control over crypto risks within the European Union.