Before launching its pound-backed stablecoin, GBPA, stablecoin issuer Agant has successfully obtained registration as a cryptoasset business with the Financial Conduct Authority, completing a significant regulatory requirement.
According to the corporation, GBPA will be completely backed and exchanged for British pounds on a one-to-one basis. Although the worldwide market is dominated by dollar-pegged stablecoins, sterling-backed tokens are still modest but are becoming more popular as the UK develops its crypto legal framework.
By combining GBPA with conventional financial infrastructure and utilizing blockchain’s programmability and settlement efficiency, Agant hopes to establish GBPA for institutional use.
Clearer legislation might help the U.K. further solidify its position as a hub for digital assets, as stablecoins are being utilized more and more for treasury operations and cross-border payments. As it gets ready for the rollout, it is collaborating closely with financial institutions and authorities.
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