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Continue readingAccording to research carried out by the Financial Conduct Authority (FCA), cryptoasset ownership in the UK is rising, with 12 per cent of adults now owning cryptoassets.
The average value of cryptoassets held by individuals is £1,842. Those who participated in the FCA’s research most commonly stated that they relied on information from family and friends before buying cryptoassets. However, 10 per cent of respondents said they did no research beforehand.
About a third of respondents believed they could raise a complaint with the FCA if something went wrong. As things stand, however, cryptoassets are largely unregulated in the UK and purchasers are unlikely to be protected if they lose their money.
The FCA is sharing its approach to regulating cryptoassets and has published a roadmap for the development and introduction of the UK’s regulatory regime for them. The FCA has been responsible for the regulation of cryptoasset promotions since 8 October 2023, and has since taken considerable action against firms illegally promoting cryptoassets.