"UK’s crypto regulatory rollout is far too slow… out of step with global hub ambitions"

Concerns have been raised that the UK is moving at an excessively slow pace in overhauling regulation for virtual assets (cryptocurrencies).

On the 17th (KST), Andrew Mackenzie, CEO of Agant, told CoinDesk in an interview that “the biggest issue in the UK crypto market is the time it has taken to get to where we are,” adding, “what the industry wants is clarity. There is a need to speed up the pace of regulatory implementation.”

Agant is a developer of a pound sterling-pegged stablecoin (a virtual asset whose value is linked to fiat currency).

While the UK government has repeatedly said it aims to foster London as a global virtual-asset hub, a comprehensive virtual-asset bill—including provisions on stablecoins—is expected to pass Parliament by the end of this year. Even then, the legislation is slated to take effect in 2027. Mackenzie said, “at this pace, the UK could fall behind in the global competitive landscape.”

He also argued that “a properly designed stablecoin does not undermine monetary sovereignty; it can actually extend it,” adding that “by circulating pound sterling-based digital tokens in global markets, access to UK assets can be improved.”

He added, “stablecoins won’t weaken banks’ lending function; rather, they could be a catalyst for banks to become more competitive.”