The United Kingdom wants to become a global hub for crypto and digital assets. The government has said this many times. But new comments from Andrew MacKenzie, CEO of sterling stablecoin firm Agant, suggest progress is moving too slowly.
MacKenzie believes the direction of UK crypto regulation is positive. However, he says the pace is a concern. Full stablecoin and crypto rules are not expected to take effect until 2027. In the fast moving digital asset world, that feels far away.
He warned that other regions are not waiting. Countries across Europe, the Middle East, and Asia are rolling out clearer frameworks much faster. Businesses in crypto mainly want clarity. They can handle strict rules. What they struggle with is uncertainty. If the UK takes too long, innovation could shift elsewhere.
Agant FCA approval and GBPA stablecoin plans
Agant recently secured registration with the Financial Conduct Authority. This approval process is known to be tough under the UK anti money laundering regime. Getting the green light is seen as a major step for the company.
Agant plans to launch GBPA, a fully backed pound sterling stablecoin. The goal is not to create a retail trading token. Instead, GBPA is designed for institutional use. It will focus on payments, settlement, and tokenized assets.
MacKenzie said discussions with the Treasury, the Financial Conduct Authority, and the Bank of England have been constructive. There are disagreements, especially around proposed limits in the Bank of England’s stablecoin framework. Still, he believes regulators are open to adjusting rules when strong arguments are presented.
Pound stablecoin and UK monetary influence
Some central banks and lenders worry that stablecoins could weaken the financial system. MacKenzie disagrees. He believes pound backed stablecoins could actually strengthen the UK’s monetary position.
By issuing digital pounds globally, firms like Agant could expand the international use of sterling. That could increase demand for UK denominated assets. It may also help lower funding costs and support government debt markets.
He also dismissed fears that stablecoins will drain deposits from banks. In his view, competition will force banks to modernize. Instead of shrinking, the banking sector could evolve.
At the same time, UK banks are taking blockchain more seriously. What used to be seen as experimental is now discussed at the board level. Many banks view blockchain adoption as a long term structural shift similar to the rise of online banking.
MacKenzie believes the real issue for the UK is not regulatory design but regulatory speed. If the country cannot move faster, it risks falling behind in the global race to shape the future of digital assets.