British Stablecoin Issuer Agant: UK Crypto Legislation May Take Effect in 2027

Odaily News According to Andrew MacKenzie, CEO of British stablecoin issuer Agant, the UK's crypto regulatory framework is heading in the right direction, but its pace of advancement is insufficient to support the country's ambition of becoming a global digital asset hub.

MacKenzie believes that the UK government has repeatedly pledged to position London as a global hub for crypto and digital asset activities. However, comprehensive legislation covering stablecoins and broader crypto activities is expected to receive parliamentary approval only later this year, with formal implementation potentially delayed until 2027.

Agant plans to issue a stablecoin named GBPA, which will be fully backed 1:1 by British pounds. The company has already completed its registration with the UK Financial Conduct Authority (FCA), indicating its focus on institutional investors rather than the retail cryptocurrency market. Agant has positioned GBPA as infrastructure for institutional payments, settlements, and tokenized assets. (CoinDesk)