The UK Loves Dogecoin: Key Trends from Regulator’s Crypto Report

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A whopping 93% of British adults have now heard of crypto, with the U.K. unveiling a roadmap for regulation.
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Features writer
Connor Sephton
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Connor Sephton is a journalist based in London, who also works for Sky News and the BBC as a radio newsreader and online reporter. He has covered crypto since 2018 — reporting from major conferences...

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Elena Bozhkova
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Elena is the Features Lead at Cryptonews.com. With a Master's degree in science journalism from City University, London, she is passionate about exploring complex topics in the world of technology.

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Official new figures have revealed how many Britons own cryptocurrencies, and one thing’s clear: the U.K. can’t get enough of them.

The Financial Conduct Authority found that 12% of adults — that’s seven million people — now own digital assets.

As you’d expect, Bitcoin remains the most popular cryptocurrency to invest in, with 52% confirming they own some. Ether was second on 42%.

But both of these figures have fallen in recent years in favor of smaller altcoins such as Dogecoin, Solana and XRP.

By the FCA’s estimates, more than 1.4 million Britons now own DOGE.

Image: FCA

The FCA found that the typical investor is likely to be male, aged between 18 and 34, and with a healthy household income that exceeds £100,000.

Here’s another interesting trend: the amount of crypto that British people have is also on the rise, with 19% revealing the value of coins in their wallet is between £5,000 and £10,000.

The regulator has been tracking interest in digital assets for several years, with each report showing a substantial rise in ownership.

Just 2.2 million British adults held crypto back in 2021 — and this figure more than doubled to five million in 2022.

The newest estimate reflects how the likes of BTC and ETH have rallied hard over the past 18 months, primarily driven by political developments in the U.S.

Now, the FCA is planning to step up its regulation of the sector — building upon measures that have included banning Bitcoin ATMs and taking down fraudulent crypto websites.

The authority has long maintained a dim view of digital assets, arguing that investors should be prepared to lose all of their money.

But by its own admission, regulation could prompt a greater number of Britons to start dabbling in crypto — with 26% of those polled saying clear rules would encourage them to invest.

Image: FCA

The FCA research found awareness about cryptocurrencies now appears to have reached saturation point, with 93% confirming they’ve heard of digital assets.

That’s a telling statistic, as it indicates that tens of millions of adults remain unconvinced about the benefits of crypto.

Many consumers end up hearing about Bitcoin and other digital assets on the news, from social media, or from their family and friends.

And it seems like adverts from exchanges don’t always have the desired effect, as just 10% who saw a crypto commercial said it encouraged them to make an investment.

According to the FCA, there’s also been a substantial rise in staking, where coins are locked away and investors receive rewards for helping to secure a blockchain network.

That’s understandable given Ethereum completed The Merge in late 2022, and made the switch from a Proof-of-Work to a Proof-of-Stake consensus mechanism.

Stablecoins are also proving popular — with 48% of investors using them to switch between different cryptocurrencies, and 31% choosing them as a means of payment.

Image: FCA

A Roadmap for Regulation

The FCA’s revealed that it’s embarked on extensive consultations with crypto exchanges, trading platforms, blockchain analytics companies and industry associations — along with the government and the Bank of England.

This helped underline some of the challenges associated with regulation, especially when it comes to decentralized cryptocurrencies that aren’t operated by a specific entity.

A roadmap has now been unveiled for between now and 2026 — with the U.K. planning to unveil regulation on everything from staking to stablecoins.

Kraken U.K. general manager Bivu Das says he’s pretty bullish on this development, telling Cryptonews:

“The recent announcements by the government laid out a forward-thinking vision to enable cryptoassets to thrive in the UK long term. By providing legislative clarity to both stablecoins and staking, the UK has greenlit the asset class for investment opportunities and widespread adoption.”

A specific challenge that Britain will face concerns ensuring that its crypto regulations align well with standards around the world — with the final elements of the EU’s Markets in Cryptoassets Regulation (known as MiCA for short) coming into force at the end of the year.

FCA Under Scrutiny

On the same day as the FCA released its latest crypto findings, a blistering report by a group of MPs described the regulator as “incompetent at best, dishonest at worst.”

A three-year investigation uncovered significant shortcomings, and claimed the authority had often failed to punish those found causing financial harm.

Whistleblowers claimed that the FCA often fails to spot fraud, suffers from a toxic work environment, and lacks transparency.

The politicians went on to warn that in-depth reform of this regulator is badly needed — and unless urgent action is taken, it may need to be replaced altogether.

“It is tempting to claim that the FCA is now ‘drinking in the last-chance saloon’. But the problem is worse than that: the bar is about to close, and the regulator is at risk of being thrown onto the street.”

Instability within this regulator could also prove damaging to the crypto space — and could breed uncertainty and delay when it comes to giving firms clear rules of the road to follow, while offering greater protection for consumers.

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