Andrew MacKenzie, CEO of Agant, a stablecoin issuer specializing in sterling-denominated cryptocurrencies, stated that while the UK's crypto regulatory framework is on the right track, its progress is insufficient to support the country's ambition to become a global digital asset hub. MacKenzie believes the UK government has repeatedly pledged to position London as a global center for crypto and digital asset activity. However, legislation comprehensively covering stablecoins and broader crypto activities is expected to receive parliamentary approval later this year, with full implementation potentially not until 2027. Agant plans to issue a stablecoin called GBPA, fully backed 1:1 by the pound sterling. The company has already registered with the Financial Conduct Authority (FCA), indicating its intention to target institutional investors rather than the retail cryptocurrency market. Agant has positioned GBPA as infrastructure for institutional payments, settlements, and tokenized assets. (CoinDesk)