Over seven million people in the UK now own cryptoassets, according to the latest research from the Financial Conduct Authority (FCA).

In a survey of consumer attitudes and behaviours towards crypto, the FCA found that 12% of UK adults own cryptoassets, up from 10% in 2022. 

According to the FCA’s study, awareness of crypto has risen from 91% to 93%, while the average value of crypto held increased from £1,595 to £1,842. 

Respondents told the FCA that family and friends were the most common place they first heard about cryptoassets (32%), followed by online news sources (23%), and social media (19%), with only 1 in 10 saying they did not do any research before buying crypto. 

Over a quarter (27%) said that they would be more likely to invest in cryptoassets if there was more regulation, with 25% reporting they would invest more if there was some form of financial protection against losses.

Around a third of people said they believed they could raise a complaint with the FCA if something went wrong and were seeking recourse or financial protection, prompting the financial watchdog to warn that crypto holders should be prepared to lose all their money as crypto remains largely unregulated and high-risk.

Among crypto aware respondents, Bitcoin is still by far the most recognised asset at 78%, followed by Ethereum (31%), and Dogecoin (30%). Other types of asset, though much lesser known, have seen an uptick since 2021 when the FCA first collected data on the issue.

When cryptoasset users were asked what type of crypto they owned, Bitcoin (52%) was the most common answer followed by Ethereum (42%), although the research shows both have seen a slide in ownership since 2021.

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Matthew Long, director of payments and digital assets at the FCA, said: “Our research results highlight the need for clear regulation that supports a safe, competitive, and sustainable crypto sector in the UK.”   

“We want to develop a sector that embraces innovation and is underpinned by market integrity and consumer trust. We’re committed to working closely with the Government, international partners, industry and consumers to help us get the future rules right.” 

The research comes as the FCA begins to share its approach to regulating crypto, including a roadmap of key dates for the development and introduction of the UK’s crypto regime.

In the first quarter of 2025, the regulator plans to gather information for the publication of discussion and consultation papers regarding stablecoins, trading platforms, and lending rules, among other topics, with the final rules being established by 2026.

Over the past year, the FCA has been trying to exert more control over the crypto market using powers already under its remit. That included taking action against unregistered crypto ATMs across the country, fining Coinbase over £3 million for financial crime failings, and allowing for investment exchanges to create cryptoasset-backed exchange notes in the UK.