The Financial Conduct Authority (FCA) has released research indicating that 93% of UK adults are aware of cryptoassets, with 12% owning cryptocurrency. This marks an increase from the previous findings where 10% reported ownership. The FCA underscored the necessity for regulatory clarity in this expanding market.
According to the FCA, only one cryptoasset registration application was submitted last month, a notable decrease compared to 32 over the past year and 365 since January 2020. The study also showed that the average value of crypto holdings has increased to £1,842 from £1,595. However, the broader regulatory framework remains undefined.
"Our research results highlight the need for clear regulation that supports a safe, competitive, and sustainable crypto sector in the UK," said Matthew Long, FCA’s director of payments and digital assets. "We want to develop a sector that embraces innovation and is underpinned by market integrity and consumer trust."
The FCA has introduced a roadmap outlining its approach to regulating cryptoassets. This includes a series of focused consultations aimed at engaging stakeholders and providing transparency in policy-making.
Despite these efforts, some observers have noted that the UK may be trailing behind other jurisdictions with more comprehensive crypto regulations. The FCA has received requests from businesses and consumers for action to ensure market stability and direction.
Long holds a PhD in Risk Management and has experience in addressing economic crime. He oversees innovation, consumer protection, and market integrity within the UK's evolving sectors.