The UK Financial Conduct Authority (FCA) has published its latest research on consumer attitudes and behaviours towards crypto.
The research shows that 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.
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.’
Following a change in legislation, the FCA is responsible for regulating cryptoasset promotions. This regime came into effect on 8 October 2023.
In the first year of the regime, the FCA has taken significant action against firms illegally promoting to UK consumers. This includes issuing 1702 alerts, taking down over 900 scam crypto websites and over 50 apps.
