As plans to regulate cryptocurrency continue to be discussed, the Financial Conduct Authority (FCA) in the UK finds awareness of digital currency has soared with 12% of adults, seven million people, now owning crypto.
This percentage is up from 10% in previous findings, with awareness of crypto rising from 91% to 93%.
The FCA found information from family and friends was the most common source of information for those who had never bought crypto, with only one in 10 people saying they did not do any research before buying the digital currency.
The average value of crypto held by people also increased from £1,595 (roughly $2,007) to £1,842 (around $2,318).
The FCA in the UK regulates the conduct of around 42,000 businesses to ensure that financial markets work well for individuals and businesses and for the growth and competitiveness of the economy.
The U.S. equivalent would be the Securities and Exchange Commission as they are the primary regulatory for business activities. A study by the Pew Research Center, suggests 17% of U.S. adults say they have ever invested in, traded or used a cryptocurrency.
UK crypto research
This new research comes as the FCA has shared its approach to regulating cryptocurrency in the UK, with a roadmap published of key dates for the development and introduction of a new crypto regime.
The roadmap largely focuses on focused consultations, with the approach aiming to be transparent with its policy development and flexible.
Earlier this year, the authority held a series of roundtables to gather views on how they can approach regulating specific areas. This included over 100 organizations involved in the industry, including crypto exchanges, banks, trading firms, blockchain analytics companies, law firms, industry associates, and universities.
Government officials, academics, and other regulatory authorities also joined to share their views – as did the US Securities and Exchange Commission.
Matthew Long, director of payments and digital assets at the FCA, said in a press release: “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.”
Featured Image: AI-generated via Ideogram
