The main financial regulator of the United Kingdom has investigated the behavior of cryptocurrency users and updated the roadmap for the introduction of comprehensive regulation in the sector, which is planned to be adopted in 2026.$THE $ZEN $QKC
The Financial Conduct Authority (FCA) published the results of a study conducted among consumers regarding their knowledge of cryptocurrencies and their experience using digital assets. It turned out that the number of crypto users in the UK continues to grow — 12% of British adults currently own digital assets, although in June 2023, during the previous survey, this figure was 10%.
The average value of cryptocurrency owned by Britons is £1842. Since the previous survey, this figure has also increased, previously it was £1595. Overall awareness of cryptocurrency among UK citizens has also risen — from 91% to 93%.
About one-third of respondents stated that they rely on protection from the FCA in case of any disputes related to digital assets. In this regard, the regulator notes in its report that cryptocurrencies in the UK remain high-risk and largely unregulated assets. In this context, the regulator updated the roadmap for the introduction of comprehensive cryptocurrency regulation.
Thus, consultations and public discussions on the issuance and storage of stablecoins are scheduled for the fourth quarter of 2024. In 2025, discussions on industry issues will continue, particularly regarding the activities of trading platforms and organizations that provide various services in the field of decentralized finance (DeFi). A final set of rules is planned to be prepared and implemented in 2026.
Recall that the Markets in Crypto-Assets (MiCA) law in the European Union was approved in 2023, but the final implementation of its various provisions will also only be completed in 2026.
