How the FCA is lagging behind on crypto regulation

FCA estimates 5 million people in the UK hold cryptocurrency

clock • 3 min read

Laura Suter says widespread crypto 'dabbling' is a major concern and while the regulator is finally flexing its muscles many in the industry are not happy with the direction of travel...

We all know there was an investing boom during the pandemic, but it might surprise some that so much of it is driven by cryptocurrency purchasing, rather than more traditional investing. The latest Financial Conduct Authority (FCA) Financial Lives survey showed that there has been a near threefold rise in cryptocurrency ownership, which has gone from 2% of the population up to 5.8% between 2022 and 2020 - those crucial pandemic years. The figures show that 46% of new investors hold cryptoassets, an alarming figure. What's more, the FCA now estimates that 5 million people in the UK hol...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Regulation

Is the regulator getting better at giving guidance?

Is the regulator getting better at giving guidance?

'The FCA notes maintaining high standards is important'

Lee Halpin
clock 20 June 2024 • 4 min read
2024 general election: Clients eyeing portfolio changes after 4 July

2024 general election: Clients eyeing portfolio changes after 4 July

Newer investors three times more likely to react to general election

Professional Adviser
clock 20 June 2024 • 1 min read
What changes to the FCA's Financial Crime Guide mean for IFAs

What changes to the FCA's Financial Crime Guide mean for IFAs

Much-needed support and guidance to adviser firms

Ben Cooper
clock 19 June 2024 • 3 min read