Agant CEO: Slow UK crypto regulation threatens global hub goal

Andrew MacKenzie, CEO of the pound-backed stablecoin issuer Agant, warned that the excessively slow pace of crypto and stablecoin regulation in the UK could undermine the country's strategy to become a global digital asset hub, CoinDesk reported. He pointed out that the current timeline, with parliamentary passage expected by the end of this year and actual implementation in 2027, conflicts with the government's goal of securing a competitive edge. Agant recently completed its registration with the UK's Financial Conduct Authority (FCA) and plans to issue a fully-collateralized pound stablecoin, GBPA, for institutional payment and settlement infrastructure. "The biggest problem is the time it took to get here," MacKenzie said, adding that the market needs clarity and the pace of regulation must accelerate. He also argued that properly designed stablecoins could extend rather than weaken monetary sovereignty and could foster competition within the banking sector.