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The adoption of cryptocurrency in the UK has seen a steady rise, with an estimated seven million adults now owning crypto assets, according to a recent report by the Financial Conduct Authority (FCA). The figures indicate that approximately 12% of the UK adult population currently holds digital currencies, up from 10% in 2022, highlighting a growing interest in digital assets. Crypto Boom In The UK The report further provides insights into the behaviors and perceptions of UK crypto users. The average digital currency holding is valued at £1,842, with most users funding their investments through disposable income (72%). Awareness of cryptocurrencies remains high, with 93% of the general public indicating they have heard of cryptoassets. Traditional media is the leading source for learning about digital currencies, followed closely by online news platforms, blogs, forums, and social media. Interestingly, crypto users identified friends and family as the most common source of initial information. Meanwhile, as revealed in the report, YouGov conducted the FCA’s study in August. The study involved interviews with over 2,000 individuals representing the UK adult population and an additional 1,000 digital currency users. Regulatory Gaps and Rising Risks Despite the increasing adoption, the FCA warns of significant risks associated with digital currency investments. The regulator emphasized that the digital currency sector in the UK remains largely “unregulated,” cautioning individuals that they should be prepared to lose all their money if investments go wrong. While around a third of respondents believed they could raise a complaint with the FCA in case of disputes or losses, the regulator clarified that current protections are limited. The FCA has been actively working to bring more structure to the crypto industry. Following legislative changes, the FCA introduced a financial promotions regime for cryptoassets to equip individuals with the tools to make informed decisions.…

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Filed under: News - @ November 27, 2024 7:16 am