FCA research shows shifting United Kingdom crypto behaviours

Understanding how people engage with cryptoassets is essential for shaping regulation, supervision, and consumer education that reflect real behaviour rather than assumptions. A United Kingdom consumer research note published in December 2025 provides an updated snapshot of public awareness, usage patterns, and risk attitudes toward cryptoassets, based on fieldwork conducted between 5 August and 2 September 2025.

How the research was conducted

The research used a self-completion online survey approach, drawing respondents from an established online panel. Fieldwork was completed in two phases.

First, 2,353 interviews were collected with quotas designed to reflect the United Kingdom adult population across key demographics, including age, gender, education level, region, and social grade. People who said they had never heard of cryptoassets were removed after answering only initial awareness and ownership questions.

Second, the study included a targeted boost sample of 1,053 interviews among people who own or previously owned cryptoassets, without quotas. This two-phase design is useful because it separates the broad public baseline from a deeper view into the behaviours and attitudes of users.

Awareness remains very high

One of the headline findings is that awareness of cryptoassets remains very high. In 2025, 91% of respondents reported awareness, consistent with the prior year. This suggests that cryptoassets are now widely recognised across the public, even though awareness does not necessarily imply usage or understanding.

Stablecoin awareness is increasing among users

Among cryptoasset users, awareness of stablecoins increased to 58% in 2025, up from 53% in 2024. This change signals that stablecoins are becoming more visible and more commonly recognised within the user population, which is relevant because stablecoins often sit at the intersection of trading, payments, and decentralised finance activity.

Holdings are shifting toward larger amounts

The research also indicates a continuing reduction in small-value holdings, mainly holdings of one hundred pounds or less, alongside an increase in those with larger value holdings. This matters for consumer outcomes because the distribution of holding sizes influences exposure to volatility and the potential scale of losses. It may also reflect changes in user confidence, market conditions, or the profile of participants remaining active in the market.

Centralised exchanges dominate how people acquire cryptoassets

A key behavioural result is the role of centralised exchanges. Using a centralised exchange is reported as by far the most common route for cryptoasset users to purchase or obtain cryptoassets, and this increased to 73% in 2025 compared with 2024. This concentration is significant for policymakers and compliance professionals because exchanges influence how consumers enter the market, what information they see when making decisions, and how risks such as custody, pricing, and operational resilience are experienced in practice.

Risk tolerance among users is higher than among the aware public

The research reports that cryptoasset users are more tolerant of risk when investing in cryptoassets compared with the wider group who are aware of cryptoassets. This finding helps explain why participation can remain resilient even when public warnings highlight volatility and potential losses. It also suggests that risk communications may need to be tailored, because users may interpret messages differently from non-users, and may accept risks that others would avoid.

Lending and borrowing activity is stable, but taking participation falls

Rates of cryptoasset lending and borrowing are reported to remain in line with 2024. However, staking participation declined. The proportion of cryptoasset users who said they had participated in staking fell to 22%, a decrease of five percentage points compared with the prior year. This shift is notable because staking is often marketed around yield or rewards, but it can involve conditions that affect liquidity, withdrawal timing, and exposure to platform risk. A decline may reflect market conditions, changes in product availability, or shifting perceptions of risk and benefit.

Credit-funded purchases decline, but demand for regulation is visible.

Two findings are especially relevant to the current regulatory debate. First, 9% of cryptoasset users reported paying for cryptoassets using a credit card or existing credit facility, and this fell by five percentage points compared with 2024. This suggests that a higher-risk funding channel is becoming less common, which may reduce the likelihood of consumers taking on debt to purchase volatile assets.

Second, one quarter of cryptoasset users reported that they would be more likely to invest if cryptocurrencies were more heavily regulated in the United Kingdom. This is an important signal: for a meaningful segment of users, clearer rules and stronger oversight are associated with greater confidence and willingness to participate, even if regulation does not eliminate risk.

What this means for policy and practice

Taken together, the findings portray a market where awareness is widespread, participation is channelled predominantly through centralised exchanges, and user behaviour continues to evolve across stablecoin familiarity, holding sizes, staking participation, and funding methods. For regulators, the evidence supports focusing on the areas where consumers most commonly interact with the market, particularly exchange-based access and the quality of information and risk framing provided at the point of decision. For the industry, the findings reinforce the importance of clear communications about product features and risks, especially where reward-based products may be misunderstood. For educators, the results highlight where consumer understanding may need strengthening, including stablecoins, exchange dynamics, and the practical realities of staking and credit-funded purchases.

Source: Research Note: Cryptoassets consumer research 2025 | FCA