FCA: “2.6 million Britons have ever bought cryptocurrencies»

According to a report by the UK financial Supervisory Authority (FCA), about 2.6 million Britons have ever purchased cryptocurrencies. The number of active traders in the country is growing.

According to the FCA, about 1.9 million Britons currently own digital assets. At the same time, 75% of respondents store cryptocurrencies worth less than 1,000 pounds. The Agency noted that last year, the number of Britons who ever bought crypto assets was about 1.5 million people. This year, this figure has already reached 2.6 million users.

The FCA also noted a high level of technical awareness among users – most of them are aware of the risks associated with hacking and high volatility of cryptocurrencies. At the same time, some users understand the principles of the blockchain. However, 11% of respondents mistakenly believe that their assets are safe, since the services are focused on protecting the funds and interests of buyers.

According to the results of the study, 83% of respondents purchase digital assets on foreign trading platforms, and only 5% use domestic cryptocurrency exchanges. Most British people consider buying crypto assets as a gambling game, in which they can both increase their funds and lose them, fully aware of all the risks of the cryptocurrency market.

The regulator concluded that the widespread distribution of ads related to the cryptocurrency industry can influence users ‘ decision to purchase digital assets. For example, 45% of respondents reported that they often see ads about digital assets. 35% believe that advertising increases the likelihood of buying cryptocurrencies, and 16% said that they bought digital assets under the influence of advertising.

The FCA also announced that it is working with the country’s government and the Bank of England to protect users from the risks associated with the cryptocurrency industry, while not interfering with the development of the latest technologies.

Recall that last summer, the regulator presented a new plan to combat economic crimes for 2019-2022, which should ensure compliance with the AML/CFT rules by cryptocurrency companies.