2.6 million UK citizens have bought cryptocurrency “at some point”
The UK’s top financial regulator has conducted a survey and found a “significant increase” in the number of crypto owners and awareness of cryptocurrencies. The regulator estimates that 2.6 million people in the country have bought cryptocurrencies, most of which were from non-UK cryptocurrency exchanges.
Description: The United Kingdom’s Financial Conduct Authority estimates that roughly 2.6 million UK consumers have bought cryptocurrency “at some point.”
According to the Financial Conduct Authority (FCA) report, about 2.6 million of British citizens have ever purchased cryptocurrencies. The number of active traders in the country is growing. To date, about 1.9 million people in Britain own digital assets. At the same time 75% of respondents keep cryptocurrencies worth less than 1 000 pounds. The FCA noted that last year the number of the UK citizens who have ever bought crypto assets was about 1.5 million people. This year, this figure has already reached 2.6 million users.
The FCA also noted a high level of technical awareness among users — most of them are aware of the risks associated with hacking and high volatility of digital assets. At the same time, some users are aware of the basic principles of blockchain technology. However, 11% of those surveyed mistakenly believe that their assets are safe, as the services are focused on protecting the funds and interests of customers.
According to the survey results, 83% of respondents acquire digital assets on foreign trading platforms, and only 5% use domestic cryptocurrency exchanges. Most UK citizens see buying crypto assets as a gamble where they can both increase their funds and lose them, fully aware of all the risks of the crypto market.
The regulator has concluded that the widespread ads related to the crypto industry may influence users’ decisions to buy digital assets. Thus, 45% of respondents said that they often see ads about digital assets. 35% believe that advertising increases the likelihood of buying cryptocurrency, while 16% said they were buying digital assets under the influence of advertising.
The FCA also reported that it is working with the government and the Bank of England to protect users from the risks associated with the crypto industry without hindering the development of new technologies. Last summer the regulator presented a new plan to combat economic crimes for 2019–2022, which should ensure compliance with AML/CFT rules by crypto related companies.
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