The UK regulator also found attitudes have shifted, as cryptocurrencies appear to have become more normalized - fewer crypto users regard them as a gamble (38%, down from 47%) and more see them as an alternative or complement to mainstream investments, with half of crypto users saying they intend to invest more in the future. Around 2.3 million now own crypto-assets, up from around 1.9 million in 2020. In the UK, in June 2021, the UK Financial Conduct Authority published its fourth consumer research publication on crypto-assets ownership which found heightened public interest in, and media coverage of, cryptos, with 78% of adults now having heard of cryptocurrencies.
Newsweek Magazine cited a survey in January 2022 by the crypto firm New York Digital Investment Group, estimating the total number of Americans who own cryptos at 46 million (about 14% of the population). perspective, research published in November 2021 by Pew Research, a nonpartisan think tank in Washington, reported 16% of respondents saying they personally have invested in, traded or otherwise used cryptocurrencies. The increasing regulatory challenges are exacerbated by the growing public awareness, acceptance and use of cryptos. Lending and payment risks, banking, payments and anti-money laundering (AML) risks, tax policy and tax evasion risks, securities fraud and scams, together with cyber security, hacking and privacy risk will all need to be addressed. The principal challenge is the need for an internationally coherent policy approach, including definitions and jurisdictional perimeters, and in terms of exchanges, prevention of market manipulation and systemic risks. The focus is twofold: cryptos’ possible impact on financial stability and the need to protect vulnerable customers. This may be an indication of the significant economic value of the underlying technological innovations such as the blockchain, although it might also reflect froth in an environment of stretched valuations.Ĭryptos’ potential to transform the traditional financial system means the associated challenges are attracting considerable regulatory attention.
The IMF estimates cryptos’ market capitalization at $2.5 trillion. There is also concern that uncoordinated regulatory actions may facilitate potentially destabilizing capital flows.
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