UK crypto rules moving too slowly to secure global hub status, says FCA-registered stablecoin Issuer Agant

UK’s Crypto Regulatory Pace Under Fire: Agant CEO Warns of Global Competitiveness Risks

The United Kingdom’s ambitions to establish itself as a global hub for cryptocurrency and digital assets are being undermined by sluggish regulatory progress, according to Andrew MacKenzie, CEO of sterling stablecoin developer Agant. Speaking exclusively to CoinDesk at Consensus Hong Kong, MacKenzie warned that the country’s slow-moving legislative framework risks sidelining the UK in the rapidly evolving crypto race.

The UK government has repeatedly pledged to position London as a center for global crypto and digital asset activity. However, comprehensive legislation governing stablecoins and wider crypto activity is expected to be approved by parliament only later this year and won’t come into force until 2027. This timeline, MacKenzie argues, directly contradicts the government’s goal of remaining globally competitive within the industry.

“I think the most damaging thing today has been the time that it’s taken to get to where we are just now,” MacKenzie said. “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.”

A Hard-Won Regulatory Milestone

Agant recently joined the small group of cryptoasset businesses registered with the Financial Conduct Authority (FCA) under money laundering regulations, an approval process widely regarded as one of the most stringent globally. FCA registration is a prerequisite for operating certain cryptoasset activities in the UK, and the process has earned a reputation for being both exacting and slow.

For Agant, which plans to issue a fully backed pound sterling stablecoin called GBPA, the registration signals institutional intent rather than a retail crypto push. The company has positioned the token as infrastructure for institutional payments, settlement, and tokenized assets.

The firm maintains active dialogues with the Treasury, the FCA, and the Bank of England, MacKenzie said, describing engagement as constructive but iterative. “There are certain aspects that we don’t like, and we’re very vocal about them,” he said, referring in part to proposed limits within the Bank of England’s stablecoin framework. Still, he said, regulators are listening. “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.”

Stablecoins as a Tool, Not a Threat

When asked if he viewed European central banks’ and U.S. private banks’ opposition to stablecoins as a problem for the future of his project, MacKenzie dismissed their concerns over financial stability and unfair competition, saying stablecoins can strengthen sovereign monetary reach.

“When you see the penny drop with central bankers, you realize that this is actually an amazing way for them to export sovereign debt,” he said. By issuing a pound-pegged stablecoin, firms like Agant could distribute digital pounds globally, increasing exposure to sterling-denominated assets and potentially lowering funding costs. “We can go and sell pounds globally,” he said. “The cost of carry for the central bank is just reduced somewhat.”

Rather than eroding sovereignty, he said, properly structured stablecoins can extend it. For commercial banks, the concern is that if consumers hold funds in stablecoins rather than depositing them, they could lose their ability to lend. MacKenzie rejected that premise. “I don’t think it is a valid argument. What it really brings to the table is that banks need to become more competitive.”

Credit would not disappear, he added, but could shift toward alternative providers if incumbent banks fail to adapt. In that sense, stablecoins may increase competition in financial services rather than diminish credit availability.

UK Banks Shift from Skepticism to Acceleration

Bankers in the UK are paying closer attention to cryptocurrency projects, MacKenzie said. Conversations have escalated up the hierarchy. “It’s now a C-suite conversation,” he said. “There’s an exponential acceleration to banks’ adoption of blockchain technology.”

Banks increasingly recognize efficiencies in programmable reconciliation, instant settlement, and cross-border interoperability, he said. Even though the transition may take decades, as it did with the shift to digital banking, momentum is building. “The banks themselves have expressed they see this as a 30-year transition.”

If the UK intends to compete with faster-moving jurisdictions in Europe, the Middle East, and Asia, time may prove the most critical variable. Whether Britain can convert ambition into leadership may depend less on regulatory design and more on how quickly policymakers move.

“Zoom out and look at the macro,” MacKenzie said. “Nothing is set in stone.”

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