FCA warns on UK crypto use increase despite gaps in understanding

2.3 million adults hold cryptoassets

Recent research from the Financial Conduct Authority (FCA) has revealed that the number of adults in the UK who own cryptoassets has increased this year, even as the level of overall understanding of this asset class has dropped.

According to the consumer research, an estimated 2.3 million adults now hold cryptoassets, up from 1.9 million last year. Some 78% of adults have now heard of crypto, up from 73% a year ago. One of the reasons for the increase in ownership seems to be a change in attitude towards the assets, with just 38% considering crypto to be a gamble, down from 47% last year, while increasing numbers see them as a complement or alternative to mainstream investments. However, just 71% of respondents to the FCA's survey managed to correctly identify the definition of cryptocurrency from a list of s...