FCA finds crypto ownership continues to rise as it delivers plans to regulate crypto

Awareness of crypto also rose from 91% to 93%. The average value of crypto held by people increased from £1,595 to £1,842. Respondents told the FCA that information from family and friends was the most common source of information for those who had never bought crypto. Only 1 in 10 people say they did not do any research before buying crypto.

Around 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. Currently, crypto remains largely unregulated in the UK and high-risk. If something goes wrong, it is unlikely you will be protected so you should be prepared to lose all your money.

The research comes as the FCA has started to share their approach to regulating crypto. The FCA has also published an indicative roadmap of key dates for the development and introduction of the UK’s crypto regime.

The roadmap sets out a series of focused consultations. This approach aims to make policy development transparent and help people engage by making the process more manageable and flexible for all.

Matthew Long, director of payments and digital assets at the FCA, said:

'Our research results highlight the need for clear regulation that supports a safe, competitive, and sustainable crypto sector in the UK. 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.'

Notes to editors

1. Learn more about crypto and read crypto-related advice for consumers[1].
2. Read the full research[2].
3. View the crypto roadmap[3] and our latest blog on crypto policy development[4].
4. Despite the FCA's limited regulatory remit, the FCA continues to take action to make the crypto market safer. This includes taking action against firms illegally promoting cryptoassets to UK consumers.
5. Following a change in legislation, the FCA is responsible for regulating cryptoasset promotions. This regime came into effect on 8 October 2023. In the first year of the regime, the FCA has taken significant action against firms illegally promoting to UK consumers. This includes issuing 1702 alerts, taking down over 900 scam crypto websites and over 50 apps.
6. To help firms providing payment services to crypto firms better understand the FCA's expectations, it has also published this webpage[5]. It sets out the risks regulated/registered firms could be exposing themselves to by providing services to unregistered crypto firms who appear to be illegally promoting to UK consumers. It also gives examples of positive steps taken by regulated/registered firms to address our concerns.
7. The FCA continues to play its part to raise awareness amongst consumers of the risks involved with high-risk investments, including crypto. For example, with the ScamSmart campaign and issuing warnings more quickly.
8. Additionally, the FCA's £11m InvestSmart campaign[6] – which has been pushed out across social media platforms – is aimed at helping consumers to make better informed investment decisions and understand the risks involved.