FCA's Fourth Consumer Report Shows UK's Crypto Asset Ownership Increased 27% Since Last Year

The UK’s 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’s estimates show 2.3 million adults hold digital currencies, up from 1.9 million in 2020.

United Kingdom’s Regulator Publishes 2021 Crypto Consumer Report

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.

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 “alternative to mainstream investments.”

The consumer research notes that attitudes toward cryptocurrencies have changed. “38% of crypto users regard them as a gamble (down from 47% last year),” the FCA report discloses.

“By 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,” the FCA says.“Enthusiasm 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%,” the FCA report adds.

In a note to Bitcoin.com News, the UK regional manager and head of business development at Etoro, Dan Moczulski, said the FCA’s report “paints an interesting picture of developments in the crypto asset market in the UK in the last year.” Moczulski further stated:

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 – 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.