The UK’s Financial Conduct Authority (FCA) has announced that ownership of crypto assets continues to rise in the country and that new regulations concerning cryptocurrencies are being planned. According to the FCA’s latest research on consumer attitudes and behaviors towards crypto, the proportion of UK adults owning crypto assets has increased to 12%, up from 10% in previous findings.
The average value of crypto assets held by adults has also risen, from £1,595 to £1,842.
While some participants (10%) indicated that they did not conduct any research before purchasing crypto, one-third stated that in case of an issue, they would consider filing a complaint with the FCA or seek financial protection.
### FCA: CRYPTOCURRENCY REMAINS HIGHLY RISKY
The FCA has warned that the cryptocurrency market in the UK is largely unregulated and remains high-risk, stressing that in the event of a problem, it is unlikely that users would be protected, leaving them at risk of losing their assets.
In this context, the FCA has announced plans to introduce new regulations for cryptocurrencies.
### "REGULATION NEEDED IN THE CRYPTO SECTOR"
Matthew Long, Director of Payments and Digital Assets at the FCA, emphasized the need for clear regulations to support a safe, competitive, and sustainable crypto sector in his remarks. “Our research results highlight the clear need for regulations that support a safe, competitive, and sustainable crypto sector. We want to build a market that embraces innovation, while ensuring market integrity and consumer confidence. We are committed to working closely with the government, international partners, industry players, and consumers to establish the right rules moving forward,” he said.
The FCA’s comments underscore the growing importance of regulation in managing risks within the cryptocurrency market and ensuring the protection of investors. As the popularity of digital assets continues to rise, the need for clear regulatory frameworks has never been more urgent.
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