Sling Money receives approval to offer crypto services in UK as stablecoin payments gain popularity

• Avian Labs, the developer of Sling Money, received approval from the U.K.'s Financial Conduct Authority to operate as a crypto services provider.
• The app allows users to transfer funds over the Solana blockchain and offers instant local currency withdrawals in 80 countries.
• It is already regulated in the Netherlands and the U.S., and is available in the U.K. as a closed beta.

Avian Labs, the company behind crypto payments service Sling Money, received approval to operate as a crypto services provider from the U.K.’s Financial Conduct Authority, expanding its reach in Europe after securing a license from the Dutch regulator in April.

The approval places the person-to-person payments app among a growing cohort of crypto payments firms gaining regulatory backing in major jurisdictions as stablecoin-based transfers become more popular as an alternative to traditional cross-border payments. The expansion comes amid heightened scrutiny of crypto services that increasingly resemble mainstream financial infrastructure.

The app, which allows users to transact with Paxos' dollar stablecoin, USDP, and Circle Internet’s euro equivalent, EURC, can be linked to users’ bank accounts, enabling funds to be transferred directly in addition to being held in the mobile application. Transfers occur on the Solana blockchain, allowing users to send and receive digital dollars and euros worldwide in seconds.

Sling also offers instant local currency withdrawals in 80 countries through partnerships with regulated local providers, according to the company’s website.

For now, Sling is available only as a closed beta program in the U.K.

The company is already regulated as a Money Services Business with the U.S. Treasury and in April, received a license under the European Union’s Markets in Crypto-Assets (MiCA) framework from the Dutch regulator, granting it access to the 30 countries in the European Economic Area.

2025 was defined by a stark divergence: structural progress collided with stagnant price action. Institutional milestones were reached and TVL increased across most major ecosystems, yet the majority of large-cap Layer-1 tokens finished the year with negative or flat returns.

This report analyzes the structural decoupling between network usage and token performance. We examine 10 major blockchain ecosystems, exploring protocol versus application revenues, key ecosystem narratives, mechanics driving institutional adoption, and the trends to watch as we head into 2026.

• The European Union's tax-reporting directive, effective Jan. 1, mandates crypto-asset service providers to report detailed user and transaction data to national tax authorities.
• The DAC8 rules aim to close tax reporting gaps in the crypto economy, enhancing visibility similar to that of bank accounts and securities.
• Crypto firms have until July 1 to comply with DAC8's reporting requirements, after which non-compliance may result in penalties.

Disclosure & Polices: CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. CoinDesk has adopted a set of principles aimed at ensuring the integrity, editorial independence and freedom from bias of its publications. CoinDesk is part of Bullish (NYSE:BLSH), an institutionally focused global digital asset platform that provides market infrastructure and information services. Bullish owns and invests in digital asset businesses and digital assets and CoinDesk employees, including journalists, may receive Bullish equity-based compensation.