Cryptocurrencies in Britain

2022: Number of cryptocurrency owners in Britain doubles

At the end of 2022, the number of cryptocurrency holders in Britain more than doubled compared to 2021. Such data is provided in a study by the country's Financial Conduct Authority (FCA), the results of which were published on June 8, 2023.

The survey involved approximately 2,000 adult British citizens. It turned out that in 2022, about 10% of respondents owned cryptocurrency assets: the increase compared to the previous year exceeded 100%. At the same time, 36% of the study participants said they had seen or heard cryptocurrency advertising. And every fourth (25%) of those who were not previously associated with cryptocurrency said that he began to show interest in this area under the influence of advertising campaigns.

Roughly 10% of Britons surveyed owned cryptocurrency assets

At the same time, the FCA reports that from October 8, 2023, new rules for marketing crypto assets will come into force. In particular, British consumers buying digital currencies will get a 24-hour "think-through" period. In addition, crypto firms will have to post warnings like, "Don't invest unless you're ready to lose all the money you're putting in" and "It's a high-risk investment and you shouldn't expect to be protected in the event of financial losses." Promotions of the type "bring a friend and receive a bonus" are also prohibited.

People decide for themselves whether to buy them cryptocurrency. But research suggests many regret the hasty investment. Our rules give consumers time and warn them of risks, which will help them make informed choices, says Sheldon Mills, FCA's chief executive of consumer and competition.

The FCA study also found that 28% of those who do not use cryptocurrency would be more likely to buy it if the market was regulated to the same standard as traditional financial services.^[1]

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