According to the FCA’s latest research on consumer attitudes and behaviours towards crypto, 12% of UK adults now own crypto, up from 10% in previous findings.
Awareness of crypto also rose from 91% to 93%. The average value of crypto held by people increased from £1,595 to £1,842. Respondents told the FCA that information from family and friends was the most common source of information for those who had never bought crypto. Only 1 in 10 people say they did not do any research before buying crypto.
Around a third of people said they believed they could raise a complaint with the FCA if something went wrong and were seeking recourse or financial protection. Currently, crypto remains largely unregulated in the UK and high-risk. If something goes wrong, it is unlikely you will be protected so you should be prepared to lose all your money.
The research comes as the FCA has started to share their approach to regulating crypto. The FCA has also published an indicative roadmap of key dates for the development and introduction of the UK’s crypto regime.
The roadmap sets out a series of focused consultations. This approach aims to make policy development transparent and help people engage by making the process more manageable and flexible for all.
Matthew Long, director of payments and digital assets at the FCA, said:
‘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.
‘We’re committed to working closely with the Government, international partners, industry and consumers to help us get the future rules right.’
