The Financial Conduct Authority published the results of its latest research on June 30 about how consumers interact with crypto markets in the UK. The research found that 1.9 million people, 3.86% of the general adult population, currently own cryptocurrency. The FCA considers this uptick to be a “statistically significant increase,” up from 3% in the last FCA consumer research report in 2019. The use of crypto has increased significantly in the United Kingdom according to its financial regulatory authority, FCA.
2.6 million people in the UK have held crypto at some point.
FCA’s latest report shows that there has been an increase in the total number of UK consumers who have ever held crypto at any point, up from 1.5 million to its current estimated figure of 2.6 million. Apart from the marked uptick in crypto owners, awareness of the industry appears to be on the rise as 73% of adults have heard of cryptocurrencies compared with just 42% last year. According to the FCA research, 75% of the 1.9 million currently holding crypto hold under £1,000 ($1,229) worth, and 83% of crypto owners buy their assets via foreign crypto exchanges.
FCA asked crypto businesses to file for registration by the end of June.
As reported earlier, the UK financial regulator FCA had warned all crypto businesses in the country that they only have till the end of June to submit applications to acquire a crypto license. The FCA said crypto firms need to complete their applications by June 30, so the regulators can have the time to process applications ahead of the deadline. Crypto companies in the United Kingdom will not be permitted to operate after January 10, 2021, if they do not acquire a license. The regulations around crypto have drastically increased in the last couple of years as regulators continue to adopt the FATF guidelines.