Cryptocurrency

The UK Financial Supervisory Authority (FCA), about 2.6 million Britons have ever purchased cryptocurrencies

FCAAccording 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 FCA, today about 1.9 million Britons own digital assets. At the same time, 75% of respondents store cryptocurrencies worth less than £ 1,000. 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. 
 
FCA also noted a high level of technical awareness of users – most of them are aware of the risks associated with hacking and high volatility of cryptocurrencies. However, some users understand the principles of the blockchain. However, 11% of respondents mistakenly believe that their assets are safe, as the services are focused on protecting the means and interests of buyers.
 
According to the results of the study, 83% of respondents purchase digital assets on foreign trading floors, and only 5% use domestic cryptocurrency exchanges. Most Britons view the purchase of crypto assets as a game of chance 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 dissemination of cryptocurrency industry related announcements could influence users’s decision to buy digital assets. So, 45% of respondents said they often see advertisements for digital assets. 35% believe that advertising increases the likelihood of buying cryptocurrencies, while 16% said they bought digital assets under the influence of advertising.
 
The FCA also announced that it is working with the 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 introduced a new plan to combat economic crime for 2019-2022, which should ensure compliance with the rules of AML / CFT by cryptocurrency companies.

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