Millions of UK adults now own a cryptocurrency as their average holding revealed

Around seven million adults in the UK own cryptoassets.

The Financial Conduct Authority (FCA) reports that one in eight (12%) UK adults own cryptocurrencies, a rise from 10% (around five million adults) in 2022. The average cryptocurrency holding is valued at £1,842.

The primary method of funding cryptoassets continues to be the individual’s own disposable cash/income (72%). The study found that awareness of cryptoassets is high among the UK general public, with 93% stating they have heard of them.

Traditional news and media are the main sources people first hear about cryptoassets from, with online news including blogs and forums tied in second place with social media. Among crypto users, friends and family members were found to be the most common source of information for first hearing about cryptoassets.

Approximately a third of people said they believed they could raise a complaint with the FCA if something went wrong and were seeking recourse or financial protection. However, the regulator warned that while some rules are in place, crypto remains largely unregulated in the UK and carries high risk.

If something goes wrong, people should be prepared to lose all their money, it cautioned. The research was conducted for the FCA by YouGov in August, involving interviews with over 2,000 reflecting the UK adult population as well as a second phase of interviews among around 1,000 adults who had used cryptoassets.

The Financial Conduct Authority (FCA) has underscored its commitment to supervising cryptoasset activities saying it operates within its jurisdictional boundaries. A legislative update led the FCA to introduce a regime for cryptoasset financial promotions, aiming to aid the public in making better-informed choices regarding finances.

Additionally, the regulator has rolled out a regulation roadmap, detailing forthcoming consultations. FCA’s Payments and Digital Assets Director, Matthew Long, emphasised the importance of regulation, remarking: “Our research results highlight the need for clear regulation that supports a safe, competitive and sustainable crypto sector in the UK.”

He continued, stressing his vision for a reliable and innovative financial environment: “We want to develop a sector that embraces innovation and is underpinned by market integrity and consumer trust. We’re committed to working closely with the Government, international partners, industry and consumers to help us get the future rules right.”