As the British embrace crypto, businesses must catch up to hold ground
Approximately 7 million people in the UK own cryptocurrencies, an increase from 5 million, reflecting a shift towards sustainable use cases. The Financial Conduct Authority (FCA) reports that 12% of UK adults now hold crypto, with the average value of holdings rising from £1,595 to £1,842. The primary motivation for purchasing crypto has shifted from gambling to investment, with 19% of participants holding between £5,001 and £10,000 in crypto. Ownership of stablecoins like Tether has also increased significantly. The demand for seamless crypto-fiat transactions is growing, with 43% of digital asset owners converting crypto to fiat in 2024. The FCA is prioritizing cryptocurrency regulation, with a roadmap for stablecoin consultations starting in late 2024 and final rules expected by 2026. Businesses are encouraged to develop solutions that integrate crypto and fiat to meet user demands and gain a competitive edge.
