The Financial Conduct Authority published a research paper on Friday on the UK cryptoasset market, finding that 8% of UK adults, or 4.5 million people, owned cryptoassets as of August 2025.
The report says UK demand has more than doubled since 2020, with an average portfolio value of £2,250. Most holders own less than £1,000, while about 16% hold more than £5,000. The FCA says cryptoassets are still used primarily as investments rather than payments.
Retail consumers use just a small set of popular trading platforms and payment providers, the paper says, and they show strong loyalty to those platforms. Advice from a trusted friend or peer is the most common trigger for a first purchase, with advertising and sponsorship also playing a role.
The report ties the market to the UK’s existing regulatory framework: FCA registration, AML/CTF obligations including the Travel Rule, and the financial promotions regime that has applied to qualifying cryptoassets since October 2023. That regime requires risk warnings, appropriateness tests, client categorisation and a 24-hour cooling-off period for first-time buyers.
The paper is part of the FCA’s effort to document the crypto sector as it builds out the UK’s permanent regulatory framework.
