Following previous quantitative and qualitative studies since 2018, the FCA has now published its latest research on cryptoasset ownership (focusing on unregulated, transferable tokens). Picking out a few examples of findings:
- Despite an increase in awareness (up 5% in 2021), the research found that there has in fact been a decline in understanding.
- More people are seeing cryptocurrency as an alternative or complementary to mainstream investments.
- Of those who had heard of cryptocurrency, only 1 in 10 said they were aware of consumer warnings on the FCA website. 44% of those said that the warnings had no effect on their plans.
- A small percentage of crypto users believed they had some form of protection and used borrowing to fund some of their crypto purchases.
- Most users pay for cryptocurrencies using their own disposable income / cash, with 3 out of 4 crypto users using an exchange.
So why is this relevant? Well, as the FCA will be using these findings to inform their continued work in relation to cryptocurrencies. The findings could help with crystal ball gazing, highlighting key themes or areas of future regulatory focus.
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