The UK Financial Conduct Authority (FCA) says ownership of crypto is on the rise in the country.
According to the securities regulator, 12% of UK adults hold digital assets, an increase from their previous study when 10% reported holding crypto.
The FCA says that awareness of crypto is also on the rise as 93% of individuals surveyed knew about crypto compared to 91% before.
The average value of crypto held by people has increased from £1,595 to £1,842.
Individuals indicate the information for those who have never invested in crypto typically comes from friends and family.
Just one in ten say they research the asset before buying crypto.
Approximately one-third of those surveyed expected to have recourse via the FCA if something went wrong. Currently, the FCA does not directly regulate crypto. However, the agency does have limited oversight and takes action against firms illegally promoting crypto to UK consumers.
Matthew Long, director of payments and digital assets at the FCA, said their findings highlight the need for clear regulation creating a safe, competitive, and sustainable crypto sector in the UK.
“We want to develop a sector that embraces innovation and is underpinned by market integrity and consumer trust. We’re committed to working closely with the Government, international partners, industry and consumers to help us get the future rules right.”
The UK is a top Fintech hub and new rules addressing crypto are expected in 2025. The FCA has published a roadmap of key dates for the development and introduction of its crypto regime.
