Nikhil Rathi, has been re-appointed as the Chief Executive Officer of UK’s financial regulator, Financial Conduct Authority (FCA).
Rathi is the first FCA CEO to be granted another five years by the Treasury and will now have more time to execute his plans for the financial sector, including crypto.
Under his leadership, the FCA has registered 51 crypto firms under their money laundering rules. Some of those firms include the likes of crypto and investment companies Coinbase, Revolut, eToro and most recently the largest asset manager BlackRock.
“Rathi will lead the FCA as it continues to drive reform to make the U.K. the best place to do business by removing unnecessary, outdated and duplicate regulations – whilst ensuring consumers are protected from detriment and can be confident in markets,” the post by the Treasury said on Thursday.
The FCA is looking to establish a new crypto regime with a fresh authorization process by 2026. It intends to have papers on stablecoins, trading platforms, staking, prudential crypto exposure and lending by early next year. The regime will go live after the final policy statements are published in 2026.