GBP Stablecoin Issuer Agant: UK Crypto Legislation Could Come Into Effect as Early as 2027

BlockBeats News, February 17th - Andrew MacKenzie, CEO of the GBP stablecoin issuer Agant, stated that the direction of the UK's crypto regulation framework is correct, but the pace of progress is not enough to support the country's ambition to become a global digital asset hub.

The UK government has repeatedly promised to position London as a global hub for crypto and digital asset activity. However, legislation that fully covers stablecoins and broader crypto activities is not expected to receive parliamentary approval until later this year, with formal implementation potentially waiting until 2027.

MacKenzie pointed out that this timeline is at odds with the government's goal of keeping the industry globally competitive. Speaking at the Consensus Hong Kong conference, he said, "I think the most disruptive thing right now is that it's taken us too long to get to where we are. People just want clarity... If I have any expectation of regulators, it's to speed up the pace of how we do things."

Agant recently joined a small group of crypto asset firms registered with the UK Financial Conduct Authority under anti-money laundering regulations—a regulatory approval process widely seen as one of the strictest globally. FCA registration is a prerequisite for conducting specific crypto asset activities in the UK, a process known for its stringent and slow nature.