The United Kingdom’s financial regulator studied the behavior of crypto users and updated the roadmap for introducing comprehensive industry regulation, planned for 2026.
The Financial Conduct Authority (FCA) published results of a survey exploring consumer knowledge and experience with digital assets. Findings show a growing number of crypto users in the U.K., with 12% of British adults now holding digital assets, up from 10% in June 2023, the time of the previous survey.
The average value of crypto holdings per person also rose to £1,842, compared to £1,595 in the previous survey. Overall awareness of cryptocurrency among U.K. citizens also increased, from 91% to 93%.
Around a third of respondents expect the FCA to protect them in disputes involving digital assets. On this occasion, the regulator clarified in its report that cryptocurrencies remain high-risk and largely unregulated assets in the U.K. The FCA updated the roadmap for implementing comprehensive crypto regulation.
Consultations and public discussions on stablecoin issuance and storage are planned for Q4 2024. In 2025, it’s planned to continue discussing industry issues, such as the operation of trading platforms and organizations providing various services in the field of decentralized finance (DeFi). The final regulatory framework is expected to be prepared and implemented in 2026.
The Markets in Crypto-Assets (MiCA) bill in the EU was approved in 2023, but its provisions will also take full effect by 2026.
