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 center 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 cryptoasset 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 cryptoasset 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 tokenized 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 realize 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 said. “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 recognize 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.”

The XMR price climbed nearly 10% on Tuesday following the release of a new report by TRM Labs highlighting Monero’s resilience and growing adoption in privacy-focused markets despite delistings from major exchanges.

The research sheds light on the increasing use of Monero in high-risk environments, including darknet marketplaces, while also revealing subtle network-layer behaviors that could influence real-world privacy assumptions.

Monero’s Shadow Market Growth and Network Insights Drive XMR Price Surge

As of this writing, XMR was trading for $335.66, up by nearly 10% in the last 24 hours.

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According to TRM Labs, Monero’s on-chain transaction activity remained broadly stable in 2024–2025 and consistently higher than pre-2022 levels.

This trend persisted despite restrictions from leading platforms such as Binance, Coinbase, Kraken, and Huobi, which have increasingly limited access to XMR due to regulatory and traceability concerns.

“Despite exchange delistings and enforcement pressure, XMR activity on Monero remains above pre-2022 levels,” TRM Labs noted.

According to the firm’s research:

• 48% of new darknet markets in 2025 were XMR-only.
• Most ransomware payments still occur in BTC — liquidity matters.
• 14–15% of Monero peers show non-standard network behavior.

Monero’s cryptography remains strong, but network-layer dynamics can influence real-world privacy assumptions.

The report emphasizes that Monero’s resilience is not primarily driven by casual retail trading. Instead, it reflects a core user base that actively seeks privacy-preserving transactions, even when faced with higher friction, fewer on-ramps, and reduced liquidity.

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Transaction volumes in 2024 and 2025 were materially higher than in early 2020–2021, indicating sustained demand rather than sporadic, speculative spikes.

This stability is particularly notable given that, according to some reports, 73 exchanges delisted Monero in 2025 alone.

As a result, liquidity for XMR is increasingly concentrated on offshore or lower-compliance venues, which partially explains why most ransomware payments still occur in Bitcoin.

While actors frequently request Monero for its privacy features, Bitcoin remains easier to acquire, move, and convert at scale.

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Monero Adoption on the Rise Among Darknet Markets

Meanwhile, the report also acknowledges that Monero’s adoption in darknet markets continues to grow.

TRM Labs data shows that 48% of newly launched darknet marketplaces in 2025 now support XMR exclusively, a sharp increase compared to previous years.

This trend is especially pronounced in Western-facing markets, reflecting a direct response to enhanced tracing capabilities on Bitcoin and US dollar-backed stablecoins.

It aligns with a recent BeInCrypto report, which cited the increasing use of XMR in illegal activities.

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Network-Layer Insights With Privacy in Practice

Beyond market behavior, TRM Labs conducted empirical research into Monero’s peer-to-peer (P2P) network. The analysis found that 14–15% of reachable Monero peers displayed non-standard behavior, including:

• Irregular message timing
• Handshake patterns, and
• Infrastructure concentration.

While these anomalies do not indicate protocol failures or malicious activity, they highlight how network-layer dynamics can subtly affect theoretical anonymity models, even as Monero’s on-chain cryptography remains strong.

Monero occupies a unique position in the crypto ecosystem. While transparent networks and stablecoins have become increasingly traceable and regulated, Monero continues to offer privacy-preserving functionality that appeals to users operating in high-risk or privacy-conscious environments.

TRM Labs’ findings highlight both the strengths and nuances of Monero’s privacy design. It shows that real-world usage patterns and network behavior can affect the practical efficacy of anonymity protections.

Japanese financial conglomerate SBI Holdings is moving to deepen its presence in the crypto sector, announcing plans to take a controlling position in Singapore-based exchange Coinhako.

In a Friday announcement, the Tokyo-listed firm said its wholly owned subsidiary, SBI Ventures Asset, has signed a letter of intent with Coinhako’s parent company, Holdbuild, to inject capital into the business and purchase shares from existing investors. If completed, the transaction would give SBI Holdings a majority stake and make Coinhako a consolidated subsidiary, subject to regulatory approval.

“Bringing Coinhako into the SBI Group as a consolidated subsidiary is not merely an investment in a single platform,” chairman and CEO Yoshitaka Kitao said, describing the acquisition as part of a broader effort to build international infrastructure for digital assets, including tokenized securities and stablecoins.

Financial terms and ownership details were not disclosed, and both the structure of the investment and share purchases remain under discussion, per the announcement. The nonbinding deal would give SBI a licensed base in Singapore, one of Asia’s key regulated crypto hubs.

Related: The future of crypto in the Asia-Middle East corridor lies in permissioned scale

Coinhako operates licensed crypto trading platform in Singapore

Founded in Singapore, Coinhako operates a regional digital asset trading platform and related services through Hako Technology, a Major Payment Institution (MPI) licensed by the Monetary Authority of Singapore (MAS). The group also runs Alpha Hako, a registered virtual asset service provider overseen by the British Virgin Islands Financial Services Commission.

In 2021, SBI Holdings invested in Coinhako through the SBI-Sygnum-Azimut Digital Asset Opportunity Fund, a joint vehicle with Switzerland’s Sygnum Bank.

Coinhako co-founder and CEO Yusho Liu said the new partnership would allow the exchange to scale institutional-grade systems and meet “surging demand for tokenized assets and stablecoins, ensuring Singapore remains at the heart of the world’s next-generation financial system.”

Cointelegraph reached out to SBI Holdings for comment, but had not received a response by publication.

Related: Singapore’s ‘finance-savvy’ crypto retail prefers trust over low fees: Survey

SBI Holdings expands blockchain footprint

SBI Holdings has been active in blockchain ventures for several years, investing in tokenization projects, payment networks and crypto-related businesses.