Tech

2.3 million UK adults hold crypto assets, FCA study reveals

The trade body’s consumer research also found that 38% of crypto users now regard the currency as a gamle, a 9% decline from 2020

The Financial Conduct Authority (FCA) has revealed that 2.3 million adults in the UK now hold crypto assets, up from 1.9 million last year.

The trade body’s consumer research also found that 38% of crypto users now regard the currency as a gamle, a 9% decline from 2020.

Moreover, some 78% of UK adults are said to have now heard of crypto assets in 2021, a rise of 5% during the same period.

While over half of respondents that already held crypto assets claimed that they would buy more, only one in 10 said they were aware of consumer warnings on the FCA website.

Of these, over four in 10 (43%) responded that they had been discouraged from buying into crypto.

Sheldon Mills, executive director for consumers and competition at the FCA, said that the research “highlights increased interest in crypto assets” among the UK consumer-base.

He added: “The market has continued to grow, and some investors have benefitted as prices have risen. 

“However it is important for customers to understand that because these products are largely unregulated that if something goes wrong they are unlikely to have access to the FSCS or the Financial Ombudsman Service. If consumers invest in these types of products, they should be prepared to lose all their money.”

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