Approximately, an estimate of 2.6 million UK consumers is holding the cryptocurrencies at some point. Just recently, FCA has issued its annual Research notes mainly focusing on Crypto asset consumption in the UK. The last time when FCA completed a face to face survey with the public in the United Kingdom on the same topic, the number was reached on 1.1 million.
The research was taken along with the collaboration with the bank of England to understand how the public and consumers of the United Kingdom show their attitude towards cryptocurrencies and more importantly to understand consumer profiles and to know on the scale, how large the crypto market is growing. From 2.6 million, about 1.9 million are still holding their crypto assets like bitcoin, ether, and ripple which is about 3.86% of the general population.
A follow-up Observation on FCA research notes
Upon the detailed evaluation of the research note, it becomes feasible that 31% of the population who own crypto at the moment do not wishes to perchance more crypto as the reports say it’s too risky for them to purchase.
The public is seen interested in the crypto department more than last year. 27% of the total population doesn’t know about the cryptocurrencies compared to the figure for last year which has 58%. It clearly shows that a possible increase in crypto has seen in the UK which can be the cause of increased media presence of cryptocurrencies. Talking about the overall population, 73% of the population of adults had somewhere heard about crypto, as compared to the last year’s figure of 42%
35% of the crypto owners purchased crypto after seeing an advert while 12% of the population which thought that the crypto business is like gambling for them never evaluated their crypto. 15% of the population regretted to buy cryptos as they think that it’s too risky.
Out of the 3.86% general population, 92% correctly knows the proper definition and work of crypto. Where 89& of the population admitted that they understand the lack of regulatory protections in the crypto department.
United Kingdom’s uptake on crypto
After the release of the detailed observation and the behavior of the crypto assets in the UK, the governments have urged all crypto holders to register themselves before the grace period otherwise the consequences will be different and will result in default. The main point to conduct these regularities is to make sure that the crypto firms which hare working under the UK banner should be advised to establish a highly effective system for the public to eliminate and crypto-related activities like anti-money laundering. The big daddy is collaborating with Bank of England to make sure that all crypto-related tasks are performed efficiently.