U.K. Crypto Rules Moving Too Slowly, Agant CEO Warns

Andrew MacKenzie, CEO of sterling stablecoin developer Agant, has voiced concerns over the sluggish pace of the U.K.'s crypto regulatory framework. While the government aims to position London as a global digital asset hub, comprehensive legislation for stablecoins and crypto isn't expected until 2027. MacKenzie warns that delays could erode competitiveness as rival jurisdictions in Europe, the Middle East, and Asia advance more swiftly.

Agant recently achieved a significant milestone by securing registration with the Financial Conduct Authority (FCA), a rigorous process under the U.K.'s anti-money laundering regime. The company plans to launch GBPA, a pound sterling stablecoin designed for institutional use in payments, settlement, and tokenized assets. MacKenzie describes ongoing talks with the Treasury, FCA, and Bank of England as constructive, though not without friction. Regulatory flexibility has been noted, but proposed limits in the Bank of England's stablecoin framework remain contentious.