FCA Says Fewer Brits Own Crypto, Yet Average Holdings Are Rising
How Much Did UK Crypto Ownership Decline?
Crypto ownership in the UK fell sharply in 2025, reversing two years of steady gains, according to new research from YouGov conducted for the Financial Conduct Authority. The share of adults holding digital assets dropped to 8%, down from 12% in 2024. While participation has eased from last year’s peak, ownership remains roughly double the level reported in 2021, suggesting that the downturn reflects cooling interest rather than a collapse in awareness or engagement.
Awareness of crypto remains widespread. The FCA said 91% of adults surveyed were familiar with the asset class, a figure that has held steady for several years. The shift instead appears in who continues to hold crypto and how much they hold.
This year’s data shows fewer newcomers with small portfolios and a larger share of users holding mid-range balances. Very small holdings under £100 ($134) declined, while portfolios worth between £1,001 ($1,314) and £5,000 ($6,714) rose four percentage points to 21%. Holdings between £5,001 ($6,715) and £10,000 ($14,430) grew to 11%, up three percentage points from 2024.
Investor Takeaway
Where Are UK Users purchaseing Crypto—and What Drives Their Choices?
continue to dominate as the preferred entry point for UK users. According to the survey, 73% of respondents typically purchase crypto through platforms such as Coinbase, Binance or Kraken, up from 69% last year. Payment access made up 15% of responses. Users cited ease of use, platform reputation and securety as the most significant factors when choosing where to purchase.
The FCA’s findings also show a split in risk appetite. About 63% of crypto users said they are willing to take higher risks in search of higher returns. Among those aware of crypto but not invested, the figure drops to 24%. Despite this, activity in lending and borrowing remained limited and largely unchanged from 2024.
Staking participation fell to 22%, down five percentage points from last year. The use of credit to purchase crypto also decreased: 9% of users said they used a credit card or existing credit facility, compared with 14% the year before. Most said they would have purchased a similar amount through other means if credit were unavailable, suggesting that leverage is not a central driver of UK retail demand.
How Do UK Investors View Regulation?
Investor views on regulation remain mixed. One quarter of crypto holders said they would be more likely to invest if the UK introduced stricter oversight. A further 26% said they would support regulation only if it included financial protection in the event of platform failure. By contrast, 11% said they would be less likely to invest under tighter rules, while 25% said regulation would not influence their decisions.
The responses reflect a broader tension in the market: some users want clearer protections, while others prefer minimal intervention or fear that new rules could restrict the types of assets or services available.
Investor Takeaway
What Comes Next for the UK’s Crypto Roadmap?
The findings arrive as the UK government moves ahead with its phased plan to bring crypto within the country’s existing financial regulatory perimeter. New framework legislation introduced this week gives HM Treasury the authority to set the overall regime, with supervision shared between the FCA and the .
The FCA is working on detailed rules covering listings, disclosures, trading platforms, custody requirements, staking, lending, borrowing and parts of decentralized finance. Final rules are expected in 2026, followed by enforcement beginning in 2027.
HM Treasury is expected to use secondary legislation to define the scope of regulated activities, transitional periods and how firms must adapt. For now, the regulatory picture is moving toward a comprehensive system designed to protect consumers and create clearer standards for market intermediaries.
The survey shows that while the number of UK crypto holders is falling, the level of engagement among remaining investors is climbing. As the country prepares for its next phase of rulemaking, the market appears to be concentrating around users who are more experienced, more risk-tolerant and holding larger positions than in previous years.
