The UK Financial Conduct Authority (FCA) found that British consumers' attitude towards crypto has changed more rapidly than expected, as 12% of adults now have crypto ownership, up 2% from the 10% seen earlier.
While crypto ownership has risen, digital asset awareness has also gone up 2%, from 91% to 93%. Earlier the average value of crypto held by British people was £1,595 and now it has reached £1,842.
The participants of the FCA survey also revealed how they gathered information before buying crypto. Most got informed from family and friends, as only 1 in 10 actually did research to buy crypto.
One-third of the participants said they thought they could just raise a complaint with the FCA in case something goes wrong and seek financial protection. At present, the UK crypto landscape is unregulated and is at high risk.
So, in case anything goes wrong, traders won’t be protected and can lose all their money. This study comes at a pivotal point when the FCA has shared its approach to crypto regulations. Earlier this month, the FCA published a roadmap with key dates to introduce crypto laws in the UK.
This roadmap showcases a range of consultations aimed at making the UK crypto policy development process transparent and helping people engage by making the process more manageable and flexible for all.
Speaking about the matter, the Director of Digital Assets at the FCA, Matthew Long 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.”
Long further reiterated the UK government’s commitment to help the crypto users and the industry by partnering with global players in order to make the upcoming rules right.