Here’s a little extract from the FCA research;
Research published by the FCA estimates that 2.3 million adults now hold cryptoassets (up from 1.9 million last year). 78% of adults have now heard of cryptoassets, up from 73% in a year. The consumer research shows that as holding cryptoassets has become more common attitudes to them have changed. 38% of crypto users regard them as a gamble (down from 47% last year), while increasing numbers see them as either a complement or alternative to mainstream investments.
By contrast, the level of overall understanding of cryptocurrencies is declining, suggesting that some people who have heard of crypto may not fully understand, with only 71% correctly identified the definition of cryptocurrency from a list of statements. Enthusiasm for cryptoassets is growing with over half of crypto users saying they have had a positive experience so far and are likely to buy more (rising from 41% to 53%). Fewer people also regret having bought cryptocurrencies, down from 15% to 11%.
1 in 10 who had heard of cryptocurrency said they are aware of consumer warnings on the FCA website. Of these, 43% said they were discouraged from buying crypto. Most consumers recognise that crypto investments are not protected, although 12% of crypto users believe otherwise.
Commenting on this week’s announcement from the FCA on its research showing increased ownership of cryptoassets among UK adults, Mark Hipperson, Founder and CEO of UK-based money app Ziglu, which enables customers to buy and sell a range of cryptocurrencies, said:
“The FCA’s research highlights the expansion of the cryptoassets market in the UK. The key fact from the FCA research is that increasing numbers of people now view cryptoassets as a complement or alternative to mainstream investments. That underlines the need for companies in the sector to provide more support for investors.
“At Ziglu we have experienced first-hand the change, and have seen huge growth this year, with the number of customers using our platform to buy and sell cryptos trebling between January and May.
“Although the FCA does not regulate crypto itself, companies providing crypto services can now be regulated and authorised by the FCA – we are at Ziglu. The crypto market is here to stay but it needs to be better at protecting investors.”
With no hidden fees or charges, Ziglu is fully authorised and regulated by the Financial Conduct Authority as an Electronic Money Institution. It is also one of the world’s first cryptocurrency platforms to comply with the Anti Money Laundering and Counter Terrorist Financing standards set by the Financial Action Task Force (FATF), implemented in over 200 jurisdictions.
Risk warning: as with any investment, your capital is at risk. As Ziglu is not a bank, investments are not covered by the Financial Services Compensation Scheme.