The UK's Financial Conduct Authority has reappointed Nikhil Rathi as Chief Executive for a five-year term

ChainCatcher news, according to CoinDesk, the Chief Executive of the UK's Financial Conduct Authority (FCA), Nikhil Rathi, has been reappointed. Rathi is the first FCA CEO to be granted a new five-year term by the Treasury, giving him more time to implement his plans for the financial sector, including the cryptocurrency space.

Under his leadership, the FCA has registered 51 cryptocurrency companies under anti-money laundering rules. Some of these companies include cryptocurrency and investment firms Coinbase, Revolut, eToro, and the recently joined largest asset management company BlackRock. The FCA is seeking to establish a new cryptocurrency regulatory framework by 2026 and introduce a brand new authorization process. The agency intends to release documents regarding stablecoins, trading platforms, staking, prudent cryptocurrency exposure, and lending early next year. This system will officially come into effect after the final policy statement is released in 2026.