British regulator counts 2.3 million crypto investors in the country

Over the year, the number of cryptocurrency investors in the United Kingdom rose from 1.9 million to 2.3 million. Such estimates provided by the Financial Conduct Authority (FCA).

Researchers recorded an increase in the median deposit from £260 to £300 ($420).

The regulator noted that the share of those familiar with the concept of ‘digital currencies’ rose to 78%. The figure increased by 5 percentage points over the year.

53% of respondents reported a positive experience investing in cryptocurrencies, compared with 41% a year ago.

The FCA noted a low level of financial literacy among crypto investors — only 71% could correctly answer basic questions in the knowledge test (in 2020, 75%).

The regulator reminded that most cryptocurrency projects are not regulated. If problems arise, investors should not expect protection from the authorities.

“If consumers invest in such projects, they should bear in mind the risk of losing their invested funds,” said Sheldon Mills, the FCA’s Executive Director for Consumers and Competition.

As reported, UK Financial Secretary to the Treasury John Glen said that a large number of startups did not meet AML requirements. He explained the reason for the temporary registration regime for crypto companies in force in the country until July 9.

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