Financial Conduct Authority UK (FCA), the UK regulator, has published new research that shows 12% of UK adult now own cryptocurrency. This is up from 10% previously.
According to a nationally representative survey of 2199 UK adults, this figure extrapolates out to 7,000,000 UK crypto-holders, up from the 5,000,000 in 2022.
The average value of crypto held by people has increased over the same period, from £1,595 to £1,842. Among crypto holders, the number of adults holding more crypto has increased, too—with 19% now holding between £5,001 and £10,000 in crypto, versus 6% in the "previous wave."
A statement was shared by DecryptA spokesperson from the crypto-trade association CryptoUK stated that these findings are a "watershed moment for the industry," Add to that "crypto is now mainstream in the UK."
One in ten participants of the study said they did not do any research prior to buying cryptocurrency. Only 20% of respondents said they had done research before buying crypto. "friends and family" As their primary reason for buying crypto.
In a note accompanying the research, FCA Director of Payments & Digital Assets Matthew Long said the study's findings highlighted the "need for clear regulation that helps people better understand the risks." According to the study, 26% of crypto users are non-crypto. "more likely" If crypto was regulated, I would buy it.
FCA pointed out the increase in Crypto staking Add that the number of people who have died in the past 12 months has increased. "will consider the risks highlighted by the behaviours in this research," How they can be reduced by its proposed regulation.
Findings "highlight the need for clear regulation that supports a safe, competitive, and sustainable crypto sector in the UK," Long stated that FCA wanted to be heard. "develop a sector that embraces innovation and is underpinned by market integrity and consumer trust."
Following consultations with banks, cryptocurrency firms, and industry groups, the FCA also published its proposed approach to crypto regulation. The FCA's crypto roadmap sets out a series of discussion papers, consultation papers and policy statements to be published over the next two years, covering topics including market abuse, stablecoins and crypto staking and lending.
In 2026 the final policy statements will be released, after which it is anticipated that the new regime would go into effect.
Crypto companies have generally welcomed the announcement. In a shared statement with DecrypteToro UK Managing director Dan Moczulski stated that "A comprehensive regulatory regime for crypto will provide the clarity and confidence needed to encourage further innovation and growth within the sector." The CEO of eToro said the company hopes to grow. "actively contribute" The FCA will be holding consultations in the near future. "to help shape a sustainable and forward-thinking crypto ecosystem."
CryptoUK spokesperson said this. "We look forward to the government’s plans to unveil its regulatory framework next year," Its members "need certainty and confidence so they can invest further in the UK." They added that international investors are "also watching the government’s moves.”
Stacy Elliott edited this article.