The Financial Conduct Authority’s (FCA) Cryptoasset Consumer Research 2025 (Wave 6) offers one of the most comprehensive insights to date into how UK consumers are engaging with cryptoassets. As the market matures and regulatory expectations tighten, this research provides valuable information on consumer awareness, ownership trends, risk appetite and attitudes towards regulation. For firms operating in or around crypto, the findings highlight both emerging challenges and significant opportunities.
Widespread Awareness, Uneven Understanding
Awareness of cryptoassets among UK adults remains exceptionally high, with the vast majority of consumers reporting that they have heard of cryptocurrencies. However, while headline familiarity is strong, deeper understanding is far more variable. Many consumers recognise well-known crypto terms and brands, yet fewer demonstrate confidence in more complex concepts such as stablecoins, decentralised finance or crypto lending. This gap between awareness and understanding continues to shape how consumers assess risk and make investment decisions.
The research also shows that initial exposure to crypto often comes through traditional news outlets and mainstream media. However, social media plays an increasingly influential role, particularly among younger audiences. Friends and family remain a notable source of information, reinforcing the social nature of crypto adoption and the way perceptions can spread rapidly within peer networks.
Changing Ownership Patterns in the UK
One of the most striking findings from the 2025 research is the decline in the overall proportion of UK adults who hold cryptoassets compared with previous years. This marks a shift from the steady growth in ownership observed in earlier waves of the study. Despite this decline, the average value held by crypto owners has increased, suggesting that while fewer people are investing, those who remain active are committing larger sums.
Most crypto holders continue to acquire their assets through centralised exchanges, which remain the dominant market access point. While alternative platforms and fintech apps are also used, they represent a smaller share of activity. The research also highlights a continued, though reduced, use of credit to purchase cryptoassets, an encouraging sign of progress in curbing high-risk borrowing behaviours.
Risk Appetite and Real-World Experiences
Cryptoasset holders consistently display a higher tolerance for financial risk than consumers who are aware of crypto but choose not to invest. This reflects the speculative nature of the market and the volatility that many investors accept as inherent to participation. However, the research confirms that negative experiences, such as financial losses or exposure to scams and fraud, remain a reality for some users.
These experiences significantly influence consumer sentiment and underscore the need for clearer safeguards and improved consumer education. They also reinforce the FCA’s regulatory emphasis on risk warnings, transparency and responsible marketing under the Financial Promotion Regime, in accordance with COBS 4 and PS23/6.
Regulation as a Confidence Builder
Consumer attitudes towards regulation are mixed and complex. A significant proportion of crypto users indicate that they would be more inclined to invest if the market were subject to stronger UK regulatory oversight. For many, consumer protections, such as clearer rules for firms, safeguards in the event of business failure and improved accountability, would enhance confidence rather than suppress participation.
This finding challenges the assumption that regulation inherently stifles engagement. Instead, it suggests that well-designed regulatory frameworks could encourage more sustainable participation by reducing uncertainty and perceived risk. The FCA’s current and forthcoming regulatory approach, including the expansion of the financial promotions regime and the requirement for crypto firms to be registered under the Money Laundering Regulations (MLRs), aligns with these consumer expectations.
Advanced Crypto Activities Remain Niche
Engagement with more complex crypto activities, such as lending, borrowing and staking, remains relatively limited, with only a small proportion of users participating. However, awareness of these services is higher than actual usage, indicating both curiosity and potential for future growth if key barriers such as complexity, trust and understanding can be addressed.
For firms offering advanced crypto products, this presents both a challenge and an opportunity. Clear explanations, simple user journeys and transparent risk disclosures will be critical to converting awareness into responsible adoption, particularly in line with the FCA’s fair value and consumer understanding expectations under the Consumer Duty (PRIN 2A).
Advertising Influence and Consumer Recall
Crypto advertising continues to reach a significant proportion of the UK population, with many consumers recalling recent promotions. Social media remains the most prominent channel, outperforming traditional formats. This reinforces the importance of compliant digital marketing strategies, particularly given the FCA’s ongoing scrutiny of financial promotions and its focus on reducing consumer harm.
The findings also highlight the importance of clarity in advertising. With consumers operating at varying levels of understanding, overly technical or overly optimistic messaging risks confusion and mistrust. In contrast, straightforward, educational communication is more likely to resonate and foster informed decision-making.
What This Means for the Future of Crypto Marketing
The FCA’s 2025 research paints a picture of a crypto market that is becoming more selective, more cautious and more focused on credibility. While mass adoption may have slowed, committed users are investing more heavily and paying closer attention to risk, regulation and firm behaviour.
For crypto and fintech firms, the message is clear: building trust through transparency, aligning marketing practices with FCA requirements and prioritising consumer understanding are no longer optional. Firms that position themselves as responsible, informative and consumer-focused will be best placed to thrive in an increasingly regulated environment.
How Complyport Can Help
Complyport has deep expertise in supporting cryptoasset firms and fintech businesses as they manage the UK’s evolving regulatory landscape. From achieving FCA registration to ensuring compliance with the latest financial promotions rules, our consultants offer end-to-end regulatory support tailored to your business model.
We can assist with:
- FCA Registration under the MLRs: We guide firms through the FCA registration process required under the Money Laundering Regulations, including preparing and submitting regulatory applications.
- Financial Promotions Compliance: We help firms design and review compliant financial promotions in line with FCA expectations (e.g. COBS 4, PS23/6).
- Consumer Duty Gap Analysis and Implementation: Our team can assess your firm’s readiness for the FCA’s Consumer Duty and assist in embedding its requirements across your customer journey.
- Crypto Risk Framework Design: We support the development of risk management frameworks tailored to cryptoasset activities, covering governance, conduct and operational risks.
- Regulatory Horizon Scanning: We provide forward-looking regulatory insights to ensure you stay ahead of changes impacting crypto and fintech firms.
- Ongoing Compliance Support: We offer outsourced compliance solutions, including Compliance Officer support, policies and procedures, and regulatory reporting assistance.
Contact us today to book a meeting with one of our Subject Matter Experts and ensure your firm is fully prepared for the UK’s crypto regulatory future.
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