Andrew MacKenzie, CEO of sterling stablecoin developer Agant, believes the U.K.’s crypto regulatory framework is moving in the right direction, but far too slowly to support Britain’s ambition of becoming a global digital asset hub. While the government has repeatedly positioned London as a future center for crypto innovation, comprehensive stablecoin and crypto legislation is not expected to take effect until 2027.
According to MacKenzie, the delay risks undermining competitiveness as other jurisdictions in Europe, the Middle East, and Asia move faster. He argues that businesses primarily want clarity, and prolonged uncertainty can push innovation elsewhere.
Agant’s FCA Milestone and GBPA Vision
Agant recently secured registration with the Financial Conduct Authority (FCA), a difficult and highly selective process under the U.K.’s anti-money laundering regime. The approval marks a key regulatory milestone for the company, which plans to launch GBPA, a fully backed pound sterling stablecoin.
Unlike retail-focused crypto tokens, GBPA is positioned as institutional infrastructure for payments, settlement, and tokenized assets. MacKenzie described ongoing discussions with the Treasury, FCA, and the Bank of England as constructive, though not without disagreement. He noted that while some proposed limits in the Bank of England’s stablecoin framework are contentious, regulators have shown willingness to adjust rules when justified.
Stablecoins: Threat or Opportunity?
MacKenzie pushed back against concerns from central banks and commercial lenders that stablecoins could destabilize financial systems. Instead, he framed pound-backed stablecoins as tools to extend monetary sovereignty.
By distributing digital pounds globally, issuers like Agant could increase international exposure to sterling-denominated assets, potentially lowering funding costs and strengthening demand for U.K. debt. “We can go and sell pounds globally,” he explained, suggesting that stablecoins could reinforce, rather than erode, sovereign monetary influence.
He also dismissed fears that stablecoins would drain deposits from banks and reduce lending capacity. In his view, competition from digital assets would simply push banks to innovate and modernize.
Banks Accelerate Blockchain Adoption
MacKenzie noted that U.K. banks are increasingly elevating blockchain to the C-suite level. What was once skepticism has shifted toward long-term strategic planning, with many banks viewing blockchain adoption as a 30-year structural transition similar to digital banking’s rise.
Programmable settlement, reconciliation efficiency, and cross-border interoperability are now central themes in boardroom discussions.
Ultimately, MacKenzie believes the U.K.’s success as a crypto hub will depend less on regulatory design and more on regulatory speed. If Britain cannot accelerate implementation, it risks falling behind faster-moving global competitors in the race to shape the digital asset economy.
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