The UK’s crypto regulatory framework is moving in the right direction, but not fast enough to support the country’s ambitions to become a global digital asset hub, Andrew MacKenzie, CEO of sterling stablecoin developer Agant, told CoinDesk.
The government has repeatedly committed to positioning London as a hub for global crypto and digital asset activity. However, comprehensive legislation governing stablecoins and broader crypto activity is expected to be passed by parliament later this year and will not come into force until 2027.
MacKenzie said this timeline contradicts the government’s goal of remaining globally competitive within the industry.
“I think the most damaging thing today has been the time it has taken us to get to where we are now,” MacKenzie said in an interview on Consensus Hong Kong. “People just want clarity… If there’s one thing I’d like to see from regulators, it’s simply an acceleration in the pace at which we can do things.”
The London-based company recently joined the small group of cryptoasset firms registered with the Financial Conduct Authority (FCA) under money laundering regulations, an approval process widely regarded as one of the strictest globally. Registration with the FCA is a prerequisite for operating certain crypto asset activities in the UK, and the process has earned a reputation for being demanding and time-consuming.
A regulatory milestone achieved with much effort
For Agant, which plans to issue a fully backed sterling stablecoin called GBPA, the registration indicates institutional intent rather than retail crypto momentum. The company has positioned the token as infrastructure for institutional payments, settlement, and tokenized assets.
The firm is in active dialogue with the Treasury, the FCA and the Bank of England, MacKenzie said, describing the engagement as constructive but iterative.
“There are certain aspects that we don’t like and we expressed them very clearly,” 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 talk to regulators is the fact that they are willing to implement changes if there is a real justification.”
Stablecoins as a tool, not a threat
When asked if he saw opposition from European central banks and American private banks to stablecoins as a problem for the future of his project, MacKenzie dismissed their concerns about financial stability and unfair competition, saying that stablecoins can strengthen sovereign monetary reach.
“When you see the penny drop with the central bankers, you realize this is actually an incredible way for them to export sovereign debt,” he said. By issuing a stablecoin pegged to the pound, companies like Agant could distribute digital pounds globally, increasing exposure to sterling-denominated assets and potentially reducing funding costs. “We can sell pounds globally,” he said. “The cost of maintenance for the central bank has simply come down a bit.”
Instead of eroding sovereignty, he said, properly structured stablecoins can expand it.
For commercial banks, the concern is that if consumers hold funds in stablecoins instead of depositing them, they could lose their ability to lend.
MacKenzie rejected that premise. “I don’t think it’s a valid argument. What it really puts on the table is that banks need to become more competitive.”
Credit won’t disappear, he added, but it could shift to alternative providers if traditional banks don’t adapt. In that sense, stablecoins can increase competition in financial services rather than decrease the availability of credit.
UK banks move from skepticism to acceleration
UK bankers are paying more attention to cryptocurrency projects, MacKenzie claimed. The conversations have escalated in the hierarchy.
“It’s now a senior management conversation,” he said. “There is an exponential acceleration in the adoption of blockchain technology by banks.”
Banks are increasingly recognizing efficiencies in programmable reconciliation, instant settlement and cross-border interoperability, he said. Although the transition may take decades, as it did with the shift to digital banking, momentum is gaining momentum.
“The banks themselves have expressed that they see this as a 30-year transition.”
If the UK is to compete with fast-moving jurisdictions in Europe, the Middle East and Asia, time may prove the most critical variable.
Whether Britain can turn ambition into leadership may depend less on regulatory design and more on how quickly authorities act.
“Zoom out and look at the macro,” MacKenzie said. “Nothing is set in stone.”
