UK Crypto Rules Too Slow to Support Global Hub Ambitions, Says Agant CEO

Why It Matters

Prolonged regulatory lag threatens the UK’s goal of leading the global stablecoin market and could divert fintech investment to faster‑moving jurisdictions. Faster clarity is essential for institutional adoption and for leveraging stablecoins to extend sterling’s international reach.

Key Takeaways

• UK stablecoin legislation delayed until 2027
• Agant registered with FCA, signaling institutional focus
• CEO calls for faster regulatory clarity to stay competitive
• Pound‑pegged stablecoin could expand global sterling usage
• UK banks increasingly discuss blockchain at C‑suite level

Pulse Analysis

London’s push to become a world‑class digital‑asset hub has been hampered by a regulatory rollout that stretches well beyond the typical policy horizon. The UK government’s promise to introduce a comprehensive stablecoin framework by the end of the year is laudable, yet the legislation’s effective date in 2027 leaves a multi‑year window of uncertainty. Competitors in the EU, Middle East, and Asia are already enacting clearer rules, attracting projects that value speed over deliberation. This lag risks positioning Britain as a regulatory laggard rather than a fintech leader.

For firms like Agant, the delay is more than a timing issue; it directly impacts the business case for GBPA, a fully backed pound‑pegged stablecoin aimed at institutional settlement and tokenised asset workflows. FCA registration, achieved under one of the world’s strictest AML regimes, signals serious intent and provides a foothold for navigating the pending rules. A clear, accelerated regulatory path would enable Agant to launch GBPA sooner, unlocking potential to circulate digital pounds globally, lower funding costs for sovereign debt, and embed sterling deeper into cross‑border finance.

Meanwhile, UK banks are shifting from cautious observers to active participants, with blockchain discussions now reaching C‑suite agendas. Executives recognize programmable reconciliation, instant settlement, and interoperability as strategic advantages, even if full adoption will span decades. However, without swift policy action, banks may look abroad for more agile ecosystems, diluting the UK’s financial services edge. Accelerated regulatory clarity could cement Britain’s status as a stablecoin innovation hub, attract institutional capital, and reinforce the broader ambition of a digital‑first economy.

UK crypto rules too slow to support global hub ambitions, says Agant CEO

Regulatory delays risk blunting Britain’s digital asset push, said Andrew MacKenzie, head of the pound‑pegged stablecoin developer.

Feb 17, 2026, 8:30 a.m.

The U.K.’s crypto regulatory framework is moving in the right direction, but not fast enough to support the country’s ambitions of becoming a global digital asset hub, Andrew MacKenzie, CEO of sterling stablecoin developer Agant, told CoinDesk.

The government has repeatedly pledged to position London as a centre 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.

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 that it’s taken to get to where we are just now,” MacKenzie said in an interview at Consensus Hong Kong. “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.”

The London‑based company recently joined the small group of crypto‑asset 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 crypto‑asset activities in the U.K., and the process has earned a reputation for being both exacting and slow.

A hard‑won regulatory milestone

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 tokenised 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 realise 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 added. “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 U.K. 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 recognise 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 U.K. 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.”