Key Insights
- The UK FCA reports cryptocurrency ownership has increased to 12% of adults, with average holdings rising to £1,842.
- Only one in 10 crypto investors conduct thorough research, and a third believe they can seek protection from the FCA, despite crypto remaining largely unregulated.
LONDON (MarketsXplora) – The UK Financial Conduct Authority (FCA) revealed increased cryptocurrency adoption and growing consumer interest in its latest research, showing 12% of UK adults now own digital assets, up from 10% in previous findings.
The study highlights a rise in crypto awareness from 91% to 93%, with the average crypto holdings increasing from £1,595 to £1,842. Notably, family and friends emerged as the primary information source for potential crypto investors who have not yet purchased digital assets.
Despite the growing interest, the FCA emphasized that crypto remains largely unregulated and high-risk. Only one in 10 people reported conducting extensive research before investing, while approximately one-third of respondents believed they could seek recourse from the FCA if investments fail.
Matthew Long, FCA’s director of payments and digital assets, stated,
“Our research results highlight the need for clear regulation that supports 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.”
Since October 8, 2023, the FCA has assumed responsibility for regulating cryptoasset promotions. In its first year, the authority has taken substantial enforcement actions, including issuing 1,702 alerts, removing over 900 scam crypto websites, and shutting down more than 50 problematic apps.