The Future Coin

Bitcoin

$47,859.42

BTC -5.50%

Ethereum

$1,539.93

ETH -5.03%

XRP

$0.45

XRP -5.37%

Litecoin

$179.02

LTC -9.60%

EOS

$3.73

EOS -6.93%

  • News
    • Bitcoin News
    • Ethereum News
    • Ripple News
    • Litecoin News
    • Altcoin News
    • Blockchain News
    • Business News
    • Technology News
    • Policy & Regulations
  • Markets
    • Market News
    • Market Analysis
    • Price Indexes
    • Top Cryptocurrencies
    • Heatmap
  • Opinion
  • Cryptopedia
    • Explained
    • Bitcoin101
    • Ethereum101
    • Bitcoin Cash101
    • ICO101
    • Ripple101
  • Press Releases
No Result
View All Result
The Future Coin
No Result
View All Result
Home Policy & Regulations

2.6 Million Citizens Own Cryptocurrencies, UK’s FCA Reports

by The Future Coin
July 5, 2020
in Policy & Regulations
0
2.6 Million Citizens Own Cryptocurrencies, UK’s FCA Reports
152
SHARES
1.9k
VIEWS
Share on FacebookShare on Twitter

In its most comprehensive report on cryptocurrencies to date, the UK Financial Conduct Authority (FCA) outlined that they have increased in popularity and ownership since 2018, with up to 2.6 million people on the island holding digital assets.

The UK Watchdogs Advance On Crypto

According to the report from the FCA published earlier this week, the UK population and local authorities have become much more knowledgeable on digital assets since the first paper in 2018. Two years ago, the watchdog and the Bank of England were even contemplating “a potential ban on the sale to retail consumers of derivatives that reference certain types of cryptoassets.”

Following The Fifth Anti-Money Laundering Directive (5AMLD) introduced in January this year, the FCA became the anti-money laundering and counter-terrorist financing (AML/CTF) supervisor of UK-based cryptocurrency businesses. Since then, the paper asserted that illegal activities utilizing digital assets had dropped dramatically on the island.

Nevertheless, the FCA “continues to work with the Government and Bank of England, as part of a UK Cryptoassets Taskforce, to understand and address the potential harms from cryptoassets and encourage innovation in the interests of consumers.”

As proof of the UK’s advancements in digital currencies came the 2020 budget. The Government announced plans to consult on “bringing certain cryptocurrencies into the scope of the financial promotions regulation” and initiated negotiations for a broader regulatory approach. Those include “new aspects relating to so-called ‘stablecoins.’”

FCA Building. Source: FinancialTimes
FCA Building. Source: FinancialTimes

Crypto Ownership In The UK

The recent paper studied how the UK population is approaching its cryptocurrency investments. 79% of digital asset owners are males, while 69% are over the age of 35.

“We estimate that 3.86% of the general population currently holds cryptocurrencies. Half hold under 260 GBP worth.” – reads the paper.

Most participators displayed proper education, as 92% “correctly identified its definition.” 89% understood the lack of “regulatory protection,” and 15% answered that they are expecting to make fast profits.

On a more positive note than previous results, 92% said they hadn’t borrowed funds to purchase cryptocurrencies. This is quite different than the events during the parabolic price increase of 2017/2018 when lots of people were getting into debt to follow the FOMO (fear of missing out).

Another optimistic outcome from this year’s report indicated that only 27% “of the population has never heard of cryptocurrencies compared to 58% in the 2019 FCA Consumer Research.”

The report highlighted the significance of media coverage as it’s “playing an increasingly important role in introducing consumers to cryptocurrencies.” However, nearly half of the participants complained that there are plenty of misleading media outlets and fake news circling the space.

Enjoy reading? Please share:

Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited – first 200 sign-ups & exclusive to CryptoPotato).

Click here to start trading on BitMEX and receive 10% discount on fees for 6 months.

Source link

EDITOR’S CHOICE

Global Crypto Investment Fund FD7 Ventures to Sell $750M USD Worth of Bitcoin to Increase Cardano and Polkadot Holdings

Coinbase Files for Direct Public Listing With SEC – Cryptocurrency Regulation

Tanla to take Blockchain platform Trubloq abroad

From mail-in ballots to business as usual, Vermont municipalities prepare for Town Meeting

CI files prospectus for Ethereum ETF – Advisor.ca

Crypto bull run on track amid surge in US inflation expectations

Best Pick For You

News

  • Altcoin News
  • Bitcoin News
  • Blockchain News
  • Business News
  • Ethereum News
  • Litecoin News
  • Ripple News

Features

  • Market Analysis
  • Opinion
  • Explained
  • Policy & Regulations
  • Top Cryptocurrencies
  • Technology News

Market Tools

  • Market News
  • Price Indexes
  • Bitcoin Price Index
  • Ethereum Price Index
  • Bitcoin Cash Price Index
  • Litecoin Price Index
  • Monero Price Index
  • HeatmapPartner

Cryptopedia

  • Explained
  • Bitcoin101
  • Bitcoin Cash101
  • Ethereum101
  • ICO101
  • Ripple101

© 2020 Coingraph

No Result
View All Result
  • News
    • Bitcoin News
    • Ethereum News
    • Ripple News
    • Litecoin News
    • Altcoin News
    • Blockchain News
    • Business News
    • Technology News
    • Policy & Regulations
  • Markets
    • Market News
    • Market Analysis
    • Price Indexes
    • Top Cryptocurrencies
    • Heatmap
  • Opinion
  • Cryptopedia
    • Explained
    • Bitcoin101
    • Ethereum101
    • Bitcoin Cash101
    • ICO101
    • Ripple101
  • Press Releases

© 2020 Coingraph

Login to your account below

Forgotten Password?

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
bitcoin
Bitcoin (BTC) $ 47,847.00
ethereum
Ethereum (ETH) $ 1,542.36
cardano
Cardano (ADA) $ 1.16
binance-coin
Binance Coin (BNB) $ 230.47
tether
Tether (USDT) $ 0.994886
polkadot
Polkadot (DOT) $ 32.74
xrp
XRP (XRP) $ 0.440734
litecoin
Litecoin (LTC) $ 177.82
chainlink
Chainlink (LINK) $ 26.37
bitcoin-cash
Bitcoin Cash (BCH) $ 494.32
stellar
Stellar (XLM) $ 0.392596
usd-coin
USD Coin (USDC) $ 1.01
uniswap
Uniswap (UNI) $ 23.77
dogecoin
Dogecoin (DOGE) $ 0.051142
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 47,823.00
okb
OKB (OKB) $ 16.95
nem
NEM (XEM) $ 0.516182
cosmos
Cosmos (ATOM) $ 18.19
aave
Aave (AAVE) $ 341.73
solana
Solana (SOL) $ 14.46
crypto-com-chain
Crypto.com Coin (CRO) $ 0.159829
monero
Monero (XMR) $ 210.47
eos
EOS (EOS) $ 3.72
bitcoin-sv
Bitcoin SV (BSV) $ 184.99
tron
TRON (TRX) $ 0.046062
iota
IOTA (MIOTA) $ 1.15
huobi-token
Huobi Token (HT) $ 16.71
theta-token
Theta Network (THETA) $ 3.10
havven
Synthetix Network Token (SNX) $ 19.24
tezos
Tezos (XTZ) $ 3.69
neo
NEO (NEO) $ 39.13
vechain
VeChain (VET) $ 0.041227
ftx-token
FTX Token (FTT) $ 28.72
terra-luna
Terra (LUNA) $ 6.12
binance-usd
Binance USD (BUSD) $ 1.01
dai
Dai (DAI) $ 1.00
cdai
cDAI (CDAI) $ 0.021155
the-graph
The Graph (GRT) $ 1.83
dash
Dash (DASH) $ 219.47
elrond-erd-2
Elrond (EGLD) $ 125.72
avalanche-2
Avalanche (AVAX) $ 27.49
filecoin
Filecoin (FIL) $ 36.16
kusama
Kusama (KSM) $ 218.90
celsius-degree-token
Celsius Network (CEL) $ 5.02
leo-token
LEO Token (LEO) $ 1.96
compound-ether
cETH (CETH) $ 30.64
maker
Maker (MKR) $ 2,086.81
sushi
Sushi (SUSHI) $ 14.47
compound-usd-coin
cUSDC (CUSDC) $ 0.021646
compound-governance-token
Compound (COMP) $ 408.80