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UK Regulator Finds 2.3M Adults Now Hold Crypto
However, overall understanding of crypto is in decline, the FCA survey revealed.
By Ian Allison
Updated May 9, 2023, 3:20 a.m. Published Jun 17, 2021, 9:39 a.m.
U.K. regulator the Financial Conduct Authority estimates 2.3 million adults now hold cryptoassets, up from 1.9 million last year.
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As well as ownership of crypto, awareness has also grown, the FCA’s consumer research shows. Some 78% of adults have now heard of cryptoassets – the regulator’s preferred term – up from 73%.
In terms of the reputation, 38% of crypto users see it as a gamble, down from 47% last year, while increasing numbers see the assets as either a complement or an alternative to mainstream investments, the FCA said.
However, the overall level of understanding is declining. According to the FCA’s sample of 2,568 online respondents, only 71% correctly identified the definition of cryptocurrency from a list of statements.
“The research highlights increased interest in cryptoassets among U.K. customers,” FCA Executive Director Sheldon Mills said in a statement. “If consumers invest in these types of products, they should be prepared to lose all their money.”
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