{"id":8394,"date":"2021-06-17T14:54:05","date_gmt":"2021-06-17T14:54:05","guid":{"rendered":"https:\/\/www.buyucoin.com\/crypto-labs\/fcas-fourth-consumer-report-shows-uks-crypto-asset-ownership-increased-27-since-last-year\/"},"modified":"2021-06-17T14:54:05","modified_gmt":"2021-06-17T14:54:05","slug":"fcas-fourth-consumer-report-shows-uks-crypto-asset-ownership-increased-27-since-last-year","status":"publish","type":"post","link":"https:\/\/www.buyucoin.com\/crypto-labs\/fcas-fourth-consumer-report-shows-uks-crypto-asset-ownership-increased-27-since-last-year\/","title":{"rendered":"FCA\u2019s Fourth Consumer Report Shows UK\u2019s Crypto Asset Ownership Increased 27% Since Last Year"},"content":{"rendered":"

The UK\u2019s Financial Conduct Authority (FCA) has published a research report that reveals crypto asset ownership has increased a great deal. According to the study, crypto ownership spiked more than 27% since last year as the FCA\u2019s estimates show 2.3 million adults hold digital currencies, up from 1.9 million in 2020.<\/strong><\/p>\n

United Kingdom\u2019s Regulator Publishes 2021 Crypto Consumer Report<\/h2>\n

The financial regulatory body in the United Kingdom that oversees 58,000 financial services firms and financial markets has published a report that covers the crypto asset economy.<\/p>\n

Not only does it show crypto ownership has increased a great deal since last year, but the study also shows people consider digital currencies an \u201calternative to mainstream investments.\u201d<\/p>\n<\/p>\n

The consumer research notes that attitudes toward cryptocurrencies have changed. \u201c38% of crypto users regard them as a gamble (down from 47% last year),\u201d the FCA report discloses.<\/p>\n

\u201cBy 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,\u201d the FCA says.<\/p>\n<\/p>\n

\u201cEnthusiasm for [crypto assets] 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%,\u201d the FCA report adds.<\/p>\n

In a note to Bitcoin.com News, the UK regional manager and head of business development at Etoro, Dan Moczulski, said the FCA\u2019s report \u201cpaints an interesting picture of developments in the crypto asset market in the UK in the last year.\u201d Moczulski further stated:<\/p>\n

It shows a significant increase in the number of people using and investing in crypto, plus a wider awareness among the public. That there are now 2.3 million active crypto asset investors in the UK, [which] makes the asset class comparable in number of participants to active share traders \u2013 a not insignificant landmark. There are some really exciting opportunities in crypto, with a host of investable coins. These numbers show it has gone truly mainstream in the UK.<\/p>\n

<\/p>\n

43% Discouraged from Buying Crypto, 12% Believe They Are Protected by the UK\u2019s Consumer Protections<\/h2>\n

The research compiled by the FCA is the regulator\u2019s fourth consumer research publication on crypto asset ownership. 1 in 10 people who have heard of cryptocurrency assets are also aware of some of the consumer warnings the FCA publishes from time to time.<\/p>\n

\u201c43% said they were discouraged from buying crypto. Most consumers recognise that crypto investments are not protected, although 12% of crypto users believe otherwise,\u201d the FCA\u2019s fourth consumer research study details.<\/p>\n<\/p>\n

\u201cThe research highlights increased interest in [crypto assets] among UK customers. The market has continued to grow, and some investors have benefitted as prices have risen,\u201d Sheldon Mills, FCA\u2019s executive director of consumers\u202f and competition said.<\/p>\n

\u201cHowever it is important for customers to understand that because these products are largely unregulated that if something goes wrong they are unlikely to have access to the FSCS or the Financial Ombudsman Service. If consumers invest in these types of products, they should be prepared to lose all their money,\u201d Mills added.<\/p>\n<\/p>\n

FCA Crypto Report Highlights: Understanding and Awareness Not the Same Thing<\/h2>\n

\u201cWe see 78% of UK adults have heard of cryptocurrencies. This has risen across our surveys \u2013 from 42% in 2019, to 73% in 2020, and now up a further 5 percentage points (pp) in 2021,\u201d the FCA\u2019s researchers stress. \u201cBut awareness does not necessarily equate to understanding. Only 71% of those who had heard of crypto correctly identified its definition from a list of statements. This was a statistically significant decline of 4pp from 2020.\u201d The FCA\u2019s report further emphasizes:<\/p>\n

In other words, despite more people having now heard about cryptocurrency, the overall level of understanding has fallen. This suggests there may be a risk of consumers engaging with cryptocurrency without a clear understanding of it.<\/p>\n

What do you think about the FCA\u2019s fourth consumer research publication on crypto asset ownership? Let us know what you think about this subject in the comments section below.<\/strong><\/em><\/p>\n

Bitcoin News
\nNews, awareness, Bitcoin, british, BTC, Crypto asset, crypto asset ownership, cryptoassets, Cryptocurrencies, FCA, FCA UK, Financial Conduct Authority (FCA), report, Research, study, Survey, uk, Understanding<\/p>\n","protected":false},"excerpt":{"rendered":"

The UK\u2019s Financial Conduct Authority (FCA) has published a research report that reveals crypto asset ownership has increased a great deal. According to the study, crypto ownership spiked more than 27% since last year as the FCA\u2019s estimates show 2.3 million adults hold digital currencies, up from 1.9 million in 2020. United Kingdom\u2019s Regulator Publishes…<\/p>\n","protected":false},"author":0,"featured_media":8395,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[53,3],"tags":[],"class_list":["post-8394","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain-news","category-coin-news"],"_links":{"self":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/8394"}],"collection":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/comments?post=8394"}],"version-history":[{"count":0,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/8394\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media\/8395"}],"wp:attachment":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media?parent=8394"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/categories?post=8394"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/tags?post=8394"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}