Headline: Agant CEO says UK crypto rules are moving forward — but not fast enough to make London a global digital-asset hub The U.K. is heading in the right regulatory direction for crypto, but its pace risks undercutting the country’s ambition to become a global digital‑asset centre, Andrew MacKenzie, CEO of sterling stablecoin developer Agant, told CoinDesk at Consensus Hong Kong. MacKenzie welcomed incremental progress but criticised the timeline. Comprehensive legislation covering stablecoins and broader crypto activity may only be approved by parliament later this year — and won’t come into force until 2027. “People just want clarity,” he said. “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.” FCA registration as a signal of intent Agant recently joined a small group of crypto firms registered with the Financial Conduct Authority under anti‑money‑laundering rules — a rigorous, often slow process that’s a prerequisite for certain crypto activities in the U.K. For Agant, the registration is less about retail adoption and more about signalling institutional intent: the company plans to issue GBPA, a fully backed pound‑sterling stablecoin intended as infrastructure for institutional payments, settlement and tokenised assets. MacKenzie said Agant maintains active, constructive dialogues with the Treasury, the FCA and the Bank of England, though engagement has been iterative. He singled out parts of the Bank of England’s proposed stablecoin framework that the firm has been vocal about challenging. Still, he praised regulators’ willingness to change where a strong case is made. Stablecoins, sovereign reach and competition When asked about central bank and private bank pushback — particularly concerns that stablecoins could threaten financial stability or unfairly compete with banks — MacKenzie pushed back. He argued that well‑structured stablecoins can extend, rather than erode, monetary sovereignty by enabling the global distribution of a fiat‑pegged digital asset. By issuing a pound‑pegged stablecoin, “we can go and sell pounds globally,” he said, suggesting wider distribution could increase exposure to sterling‑denominated assets and reduce funding costs for the central bank. On commercial banks’ worries that deposits — and therefore lending capacity — could shift into stablecoins, MacKenzie dismissed the argument as overstated. “It really brings to the table that banks need to become more competitive,” he said, adding that credit wouldn’t disappear but could migrate to alternative providers if incumbents don’t adapt. In his view, stablecoins could ultimately boost competition across financial services. Banks moving up the agenda MacKenzie also noted a clear shift in how banks view crypto projects: discussions that once sat at the project level are now reaching the C‑suite. Banks are increasingly focused on programmable reconciliation, instant settlement and cross‑border interoperability, and many see this as a generational transition — a 30‑year shift comparable to the move to digital banking. Time, not just design, will matter For MacKenzie, the real test for the U.K. isn’t merely the shape of the rules but how quickly policymakers enact them. Competing jurisdictions in Europe, the Middle East and Asia are moving faster, he warned, and regulatory delay could cost Britain its shot at leadership. “Zoom out and look at the macro,” he said. “Nothing is set in stone.” Read more AI-generated news on: undefined/news

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