UK Crypto Rules Too Slow to Secure Hub Status, Says Agant CEO

Regulatory Delays Undermine UK's Digital Asset Hub Ambitions

Andrew MacKenzie, CEO of the sterling stablecoin developer Agant, recently expressed concern over the pace of the U.K.'s crypto regulatory framework.

Despite government pledges to establish London as a global center for crypto and digital assets, comprehensive legislation regulating stablecoins and broader crypto activities is expected to be passed only later in 2026, with enforcement starting in 2027.

MacKenzie told CoinDesk: "I think the most damaging thing today has been the time that it’s taken to get to where we are just now. People just want clarity … If there’s anything I’d like to see from the regulators, it’s just an acceleration in the pace with which we can do things."

This slow timeline contradicts the UK’s goal of remaining competitive on the global crypto stage, especially as other jurisdictions in Europe, the Middle East, and Asia move faster to implement supportive frameworks.

FCA Registration: A Milestone for Institutional Stablecoins

Agant recently became one of a select few cryptoasset firms registered with the Financial Conduct Authority (FCA) under strict UK anti-money laundering regulations. This approval process is among the most rigorous globally.

The registration allows Agant to plan for the issuance of its fully backed pound sterling stablecoin, GBPA, targeted not as a retail product but as infrastructure for institutional payments, settlement, and tokenized assets.

MacKenzie highlighted ongoing constructive but iterative dialogues with the Treasury, FCA, and Bank of England. Despite disagreements — notably on limits proposed in the Bank of England’s stablecoin framework — regulators remain open to justified changes.

"The most promising aspect when we speak to regulators is the fact that they're willing to implement changes if there's true justification there," MacKenzie said.

Stablecoins: Extending Monetary Sovereignty, Not Threatening It

Central banks and private banks in Europe and the U.S. have expressed concerns that stablecoins may pose financial stability risks and unfair competition.

However, MacKenzie disagrees with those views, arguing stablecoins like GBPA actually enhance sovereign monetary reach. He explained how digital pounds could be distributed globally through stablecoins, increasing exposure to sterling assets while potentially lowering funding costs.

"When you see the penny drop with central bankers, you realize that this is actually an amazing way for them to export sovereign debt," MacKenzie stated.

For commercial banks worried about losing lending capacity due to consumers holding stablecoins instead of deposits, MacKenzie argued this competition will push banks to become more efficient rather than shrink credit availability.

UK Banks Accelerate Blockchain Adoption

UK bankers are increasingly viewing blockchain technology as a strategic priority, with discussions about crypto transitioning to the C-suite level.

MacKenzie noted:

"It’s now a C-suite conversation. There’s an exponential acceleration to banks’ adoption of blockchain technology."

Banks appreciate blockchain’s efficiencies, including programmable reconciliation, instant settlement, and cross-border interoperability. Although the transition to blockchain-based systems may span decades, the current momentum signals a significant shift.

"The banks themselves have expressed they see this as a 30-year transition," he added.

Timeline for UK Crypto Regulation and Effects

Event	Expected Date	Description
Comprehensive crypto legislation approval	Late 2026	Parliamentary approval of crypto and stablecoin laws
Legislation enforcement	2027	Rules come into force across the UK crypto ecosystem
FCA registration for firms	Ongoing	Registration continues, strict AML requirements

While the government’s crypto framework is moving in the right direction, the speed remains insufficient to keep the UK ahead of competitive global crypto hubs.