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Government Regulation on the Horizon as 91% of UK Consumers Aware of Cryptocurrency

2 mins
Updated by Geraint Price
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In Brief

  • The U.K. wants to become a global crypto hub.
  • As a result the popularity of the asset class has increased among citizens.
  • But, citizens are demanding greater regulations.
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A new survey has revealed that 91% of U.K. respondents know about crypto. But they are also demanding crypto regulation due to the high risk.

The U.K., under the leadership of Prime Minister Rishi Sunak, has the ambition to become a global crypto hub. Hence, the curiosity about the asset class among adults with savings and investments has increased.

Rising Popularity of Crypto

The Financial Service Compensation Scheme (FSCS), a government body responsible for consumer protection, released an “Attitude Towards Investing in Cryptocurrency” report.

The FSCS says that the terms “cryptocurrencies” and “FSCS protection of crypto investment” are among its websites’ most searched terms. So the government body conducted consumer research.

The research revealed that 91% of U.K. adult consumers have heard about cryptocurrency. But in contrast, 46% of the respondents don’t understand how crypto works.

Screenshot from FSCS survey indicating 91% of UK citizens are aware of crypto
Source: FSCS

U.K. Investors Call for Crypto Regulation

Often cryptocurrency scams make it to the headlines. This is because the large chunks that are unaware of how crypto works are lured into the quick returns scam. 

The screenshot below shows that 77% of respondents agree that cryptocurrencies are high-risk investments. Hence, there is a need for education, and more importantly, crypto regulation is the need of the hour for consumer protection.

But 56% of respondents have pointed out that there isn’t any consumer protection for crypto investors in the U.K.

Screenshot from FSCS survey indicating 77% of UK citizens know crypto are high-risk.
Source: FSCS

As evident from the survey, the sentiment among U.K. citizens is that there is a need for crypto regulation. Accordingly, Financial Secretary Andrew Griffith believes the government plans to finalize crypto regulation within the next year.

BeInCrypto reported that the crypto-related Financial Service and Market (FSM) bill completed its committee stage in the House of Lords. The bill is currently in its report stage, where members can suggest further amendments not covered in the committee stage.

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In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content.

Harsh Notariya
Harsh started investing in crypto during the 2021 bull market. He took the opportunity of the market crash in May to learn more about Bitcoin and blockchain technology. Since...