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Заголовок FCA Report Unveils Crypto Boom in the UK: 7 Million Adults Now Hold Digital Assets
Дата 20241127

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FCA Report Unveils Crypto Boom in the UK: 7 Million Adults Now Hold Digital
Assets

FCA Report Unveils Crypto Boom in the UK: 7 Million Adults Now Hold Digital
Assets

by Samuel Edyme

3 minutes ago

in Crypto News

0

The adoption of cryptocurrency• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта in the UK has seen a steady rise, with an
estimated seven million adults now owning crypto assets, according to a recent
report by the Financial Conduct Authority (FCA).

The figures indicate that approximately 12% of the UK adult population
currently holds digital currencies, up from 10% in 2022, highlighting a
growing interest in digital assets.

Related Reading: UK Prepares Crypto Plan As Trump’s Pro-Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin Stance Lures
Startups To The US

Crypto Boom In The UK

The report further provides insights into the behaviors and perceptions of UK
crypto users. The average digital currency• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта holding is valued at £1,842, with
most users funding their investments through disposable income (72%).

Awareness of cryptocurrencies• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта remains high, with 93% of the general public
indicating they have heard of cryptoassets. Traditional media is the leading
source for learning about digital currencies, followed closely by online news
platforms, blogs, forums, and social media.

Interestingly, crypto users identified friends and family as the most common
source of initial information. Meanwhile, as revealed in the report, YouGov
conducted the FCA’s study in August.

The study involved interviews with over 2,000 individuals representing the UK
adult population and an additional 1,000 digital currency• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта users.

Regulatory Gaps and Rising Risks

Despite the increasing adoption, the FCA warns of significant risks associated
with digital currency• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта investments. The regulator emphasized that the digital
currency• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта
sector in the UK remains largely unregulated,
cautioning individuals that they should be prepared to lose all their money if
investments go wrong.

While around a third of respondents believed they could raise a complaint with
the FCA in case of disputes or losses, the regulator clarified that current
protections are limited.

The FCA has been actively working to bring more structure to the crypto
industry . Following legislative changes, the FCA introduced a financial
promotions regime for cryptoassets to equip individuals with the tools to make
informed decisions.

Related Reading: UK Regulator Justifies Tough Crypto Crackdown Amid Industry
Pushback

It also published a regulatory roadmap outlining consultations to shape the
future of digital currency• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта regulations. Matthew Long, the FCA’s director of
payments and digital assets, highlighted the need for clear rules to foster a
safe and competitive digital currency• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта environment.

Long 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. Were committed to working closely with the Government,
international partners, industry and consumers to help us get the future rules
right.

Meanwhile, according to the latest reports , the FCA will implement a digital
currency• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта
regime by 2026. A road map released by the FCA revealed that the
regulator plans to publish discussion papers on market abuse and
disclosures by the end of this year.

The UK FCA will also have papers on stablecoins, trading platforms,
staking, prudential crypto exposure, and lending by early next year
based on the incoming digital currency• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта regime. The global digital currency• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта
market cap value on the 1-day chart. Source: TradingView.com

Featured image created with DALL-E, Chart from TradingView

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