The Financial Conduct Authority (FCA), the UK’s financial watchdog, has outlined a comprehensive roadmap to fully regulate crypto assets by 2026.
The FCA research reveals people who had never bought crypto got more information on crypto from their friends and families. At present, crypto remains broadly uncontrolled in the UK, and it’s a big danger. If something goes inaccurate, it is improbable that you will be secured so you should be able to lose all your money.
According to the FCA’s latest research on consumer perspectives and attitudes toward crypto, Awareness among U.K. adults has risen from 91% to 93%. About 12% of UK people are now owning crypto. The average value of crypto held by people has expanded from £1,595 to £1,842.
The research has come as the FCA has started its interest in its access to supervising crypto. The FCA has also announced suggestive guidelines of key dates for the advancement and establishment of the UK’s crypto administration.
Matthew Long, director of payments and digital assets at the FCA, said “The research results highlight the need for clear regulation that supports a safe, competitive, and sustainable crypto sector in the UK. They want to develop a sector that embraces innovation and is underpinned by market integrity and consumer trust”.
He further said that They are committed to working closely with the Government, international partners, industry, and consumers to help us get the future rules right.’
Despite the growing popularity of crypto, the FCA warns that the market remains largely unregulated, leaving investors vulnerable to significant risks.
The regulator has started to share its approach to regulating crypto assets, aiming to create a safer and more transparent market.MetaThe UK’s FCA is stepping up crypto regulation with a new roadmap aims to create a safer and more transparent market by 2026.
Also Read: UK to Introduce Crypto Rules to Compete with Trump-Led US
