Crypto regulation is needed due to the high stakes, according to a UK survey

A new survey reveals that 91% of respondents in the UK know something about cryptocurrency. But they also demand crypto regulation due to the high stakes.

The United Kingdom, led by Prime Minister Rishi Sunak, has ambitions to become a global cryptocurrency hub. Hence, curiosity about the asset class has increased among adults with savings and investments.

The growing popularity of cryptocurrencies

The Financial Services Compensation Program (FSCS), a government body responsible for consumer protection, has released its “Attitude to Investing in Cryptocurrency” report.

The FSCS says that the terms “cryptocurrencies” and “FSCS protection of crypto investment” are among the most searched terms on their websites. So the government body conducted consumer research.

The research revealed that 91% of adult consumers in the UK have heard of cryptocurrency. But in contrast, 46% of the respondents do not understand how encryption works.

source: FSCS

UK investors are calling for cryptocurrency regulation

Cryptocurrency scams often hit the headlines. This is because the big chunks that don’t understand how crypto works are being lured into the fast-return scam.

The screenshot below shows that 77% of respondents agree that cryptocurrencies are high-risk investments. Thus, education is needed, and most importantly, crypto regulation is the need of the hour for consumer protection.

But 56% of respondents indicated that there is no consumer protection in the cryptocurrency space in the UK

Screenshot from a FSCS survey stating that 77% of UK citizens know crypto is high risk.
source: FSCS

As evidenced by the survey, the sentiment among UK citizens is that there is a need for crypto regulation. Accordingly, Finance Minister Andrew Griffiths believes that the government plans to finalize crypto regulation within the next year.

BeInCrypto reports that its crypto-related Financial Services and Market (FSM) bill has completed its committee stage in the House of Lords. The bill is currently in the reporting stage, whereby members can propose other amendments that were not addressed in the committee stage.

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Adhering to the Trust Project’s guidelines, BeInCrypto is committed to providing unbiased and transparent reporting. This news article aims to provide accurate and timely information. However, readers are advised to independently check the facts and consult with a professional before making any decisions based on this content.

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