The FCA has published an indicative roadmap of key dates for the development and introduction of the UK’s crypto regime as new research revealed crypto ownership has risen 20%.

The roadmap sets out a series of focused consultations beginning with a discussion paper in upcoming months.

The regulator said the approach aims to make policy development transparent and help people engage by making the process more manageable and flexible for all. 

Its latest research on consumer attitudes and behaviours towards crypto revealed that 12% of UK adults now own crypto, up from 10% in previous findings.

Awareness of crypto has also risen, climbing from 91% to 93%. The average value of crypto held by people increased from £1,595 to £1,842.

Respondents told the FCA that information from family and friends was the most common source of information for those who had never bought crypto. Only 1 in 10 people say they did not do any research before buying crypto.

Around a third of people said they believed they could raise a complaint with the FCA if something went wrong and were seeking recourse or financial protection. Currently, crypto remains largely unregulated in the UK and high-risk.

That means if something goes wrong, it is unlikely crypto owners will be protected so the regulator warned they should be prepared to lose all theur money.

Matthew Long, director of payments and digital assets at the FCA, said: “Our research results highlight the need for clear regulation that supports a safe, competitive, and sustainable crypto sector in the UK.

“We want to develop a sector that embraces innovation and is underpinned by market integrity and consumer trust. We’re committed to working closely with the Government, international partners, industry and consumers to help us get the future rules right.”

Following a change in legislation, the FCA is responsible for regulating cryptoasset promotions. This regime came into effect on 8 October 2023. In the first year of the regime, the FCA took action against firms illegally promoting to UK consumers, including issuing 1,702 alerts, taking down more than 900 scam crypto websites and more than 50 apps. 

The FCA said its £11m InvestSmart campaign – which has been pushed out across social media platforms – is aimed at helping consumers to make better informed investment decisions and understand the risks involved.