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The Financial Conduct Authority (FCA) has initiated plans to regulate the expanding cryptocurrency sector, as 12% of UK adults now own cryptocurrencies, an increase from 10% in previous years. This move comes in response to the rising adoption of digital currencies across the nation.
According to the FCA's latest research, public awareness of crypto assets has reached 93%, and the average value of holdings has increased from £1,595 to £1,842. Despite some regulatory oversight by the FCA, the current landscape remains fragmented, leading to uncertainty for consumers and businesses.
"Our research results highlight the need for clear regulation that supports a safe, competitive, and sustainable crypto sector in the UK. We want to develop a sector that embraces innovation and is underpinned by market integrity and consumer trust," said Matthew Long, Director of Payments and Digital Assets at the FCA.
