FCA research shows 12% of UK adults own digital assets

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A new survey on consumer attitudes towards digital assets in the United Kingdom has revealed that 12% of adults in the country now own digital assets, with average holdings at £1,842 ($1,931), along with a rise in general awareness of the sector to 93%.

The Financial Conduct Authority (FCA), the U.K.’s top financial sector regulator, published the research on consumer attitudes on November 26. It found that 12% of adults owned digital assets, which amounts to a 2% increase from the previous year.

For context, according to recent research by digital asset payment platform Triple-A, the country with the most digital asset owners, by percentage of the population that owns them, is the United Arab Emirates at 25.3%, while the United States—the largest digital asset market in the world by revenue—sits at 15.5% (as of 2024).

The FCA research also found that awareness of digital assets in the U.K. had risen from 91% to 93%, and the average value held by individuals grew from £1,595 to £1,842. Most digital asset buyers reported relying on family and friends for information on investments, with one in ten people saying they did not do any research before buying digital assets.

“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,” said Matthew Long, Director of Payments and Digital Assets at the FCA.

He added that the agency was “committed to working closely with the Government, international partners, industry and consumers to help us get the future rules right.”

The FCA research also revealed that one-third of people believed they could file a complaint with the regulator if something went wrong, seeking recourse or financial protection. Due to this, the agency was keen to warn that the digital asset sector “remains largely unregulated in the UK and carries high risks. In the event of a problem, there is no guarantee of protection, and individuals should be prepared to lose their money.”

Regulation roadmap and consumer advice

The research comes as the FCA has started to share its planned approach to regulating digital assets.

The regulator published an indicative roadmap of key dates for the development and introduction of the U.K.’s digital asset regime alongside a blog on digital asset policy development.

Key dates included a Q1/Q2 2025 discussion paper on potential new rules for trading platforms, such as location, access, matching, and transparency requirements, as well as consultation papers for a stablecoin, custody, and prudential considerations.

The FCA has already taken steps to address digital currency promotions in the U.K., with the implementation of legislation on 8 October 2023. Under the new rules, as part of the U.K.’s Financial Services and Markets Act (FSMA) overhaul, it is a criminal offense for unlicensed digital asset firms to market digital asset products to anyone in the country, even where those promotions originated overseas.

“The FCA has taken significant action against firms illegally promoting to UK consumers,” said the regulator. “This includes issuing 1702 alerts, taking down over 900 scam crypto websites and over 50 apps.”

To help those providing payment services to digital asset firms better understand the FCA’s expectations, it also published a webpage setting out the risks regulated/registered companies could expose themselves to by providing services to unregistered digital asset firms that appear to be illegally promoting to U.K. consumers.

In addition to providing advice to U.K. firms, the FCA has continued to educate consumers about the dangers of high-risk investments, such as digital assets.

Examples include the FCA’s ScamSmart campaign and its £11 million ($11.5 million) InvestSmart campaign; the former aims to increase awareness of the tactics used by scammers to defraud individuals of their pension savings, while the latter launched on social media platforms and aims to help consumers make informed investment choices.

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