Research Shows UK Residents Are Skeptical about Cryptocurrency Investments Due to Security Reasons

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A survey conducted by TMT Analysis shows that about a quarter of UK residents is skeptical about investing in cryptocurrencies. After surveying about 13 million respondents, the result showed the willingness of residents to invest in crypto if they were certain about regulations and security.

The mobile digital company notes that security remains a top priority for investors, and is reflected in the survey. 45% of the respondents think that virtual currencies will not go mainstream due to regulations.

Exchanges and VASPs Must Implement Stricter Security Policies  

TMT Analysis, which focuses on identifying mobile numbers worldwide, said stricter policies on security must be in place to boost crypto adoption. TMT Director Fergal Parkinson said virtual currencies have potential and are the perfect alternative to the traditional monetary system. 

Parkinson added that cryptocurrencies could achieve global adoption if agencies put stringent security measures in place and implement anti-fraud regulations. He further noted that altering customers’ notion of crypto security remains a barrier to mass adoption. 

“If people don’t trust virtual assets, potential investors will shun adoption,” he said. Parkinson thinks the lack of adequate security measures will hinder several businesses from functioning efficiently. Enhancing security and implementing effective regulations will attract more investors into the crypto space.  

Over 50% Are Still Not Knowledgeable about Virtual Currency

Interestingly, the research mentions that more than 50% (53% precisely) of adults residing in the UK have no prior knowledge of virtual assets. It comes as a surprise, considering that the UK cryptocurrency market is worth $170B.

Meanwhile, 54% still distrust virtual currencies as they believe security and regulations aren’t adequate to shield investors from scammers and malicious players. It only means a small percentage of the UK populace view cryptocurrencies as a viable investment opportunity.

Security agencies and regulators have stepped up efforts to regulate the industry and make it a haven for permissionless transactions. In the UK, FCA regulations have become a requirement for crypto firms wishing to operate in the jurisdiction.  

TMT disclosed that about 12% of crypto-based firms applied to register under AML regulations. All crypto firms received approval within the initial twelve months of submission.

The UK plans to adopt crypto-friendly regulations to encourage adoption. During the nation’s Parliament hearing on the Financial Services and Market Bill, Prince Charles, who represented the Queen, said the bill would tackle illegal financial transactions and strengthen the finance sector.

He further said the bill would put the UK on the global map as a leader in the sector. While the bill focuses on revolutionizing the finance sector, it intends to make the space competitive for players and help businesses thrive.  


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