 As the British embrace crypto, businesses must catch up to hold ground 
2025-01-24
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Opinion by: Uldis Tēraudkalns, chief revenue officer at Paybis.
About 7 million people in the United Kingdom own cryptocurrencies — up from 5 million— amid a notable shift toward sustainable and pragmatic use cases. If the adoption rate grows, the British digital assets industry will onboard millions of new users in the coming years, sparking demand for simplified money flow between the crypto and fiat economies. 
As cryptocurrency goes mainstream in the UK, British businesses must introduce crypto solutions for their customers; otherwise, they risk falling behind in the competition.
From gambling to strategy
Recent Financial Conduct Authority (FCA) research demonstrates how quickly the British have embraced digital currencies. 12% of adults in the UK own crypto, which translates to roughly 7 million users — compared to 10% (5 million) in 2022. 
The mean value of crypto holdings increased from 1,595 British pounds to 1,842 pounds ($2,334). The proportion of investors keeping a more significant stake also surged: 19% of the study participants reported holdings between 5,001 and 10,000 pounds in crypto, compared to just 6% two years ago. 
These numbers appear in most news articles covering the FCA’s research. There are, however, many more interesting facts if you explore this 89-page report. For example, the reasoning behind buying cryptocurrencies has changed. Gambling was the leading reason back in 2021–2022, but it gave up first place to crypto as part of a broader investment portfolio. Notably, gambling must have brought millions of users to crypto who have remained in the market for other reasons — digital asset ownership increased from 4% to 10% between 2021 and 2022.
The shift to investment purposes indicates a more sustainable and strategic approach to cryptocurrencies among the British, who increasingly see it as an asset class with long-term value. Stablecoin ownership data supports this notion: 18% of respondents own Tether’s USDt USDTUSD compared to 6% just three years ago, which balances portfolios and expands the range of use cases for people in the UK. 
Last, but not least, the share of those buying crypto for a political choice or ideological reason reduced from 16% in 2021 to 9% in 2022, remaining at the same level in 2024. This data point suggests that people are increasingly buying crypto for pragmatic reasons rather than out of belief in the philosophy and values of decentralization. 
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The FCA research highlights that the appetite for crypto assets in the UK has soared, moving beyond early adopters, tech-savvy enthusiasts and “gamblers.” Broader audiences are now exploring the potential of crypto for investment, payments and remittances. They seek lasting value rather than immediate profits — and pursue sustainable crypto use cases that often involve tight integration with the fiat system. 
Build the bridge where the traffic flows
The FCA study clearly shows a demand for crypto-fiat bridges among UK users. In 2024, 43% of digital asset owners reported converting crypto to fiat, up from 33% in 2022. 13% of users said they purchased other financial products with crypto. Every fifth British crypto owner has used it to buy goods and services. 
Each new wave of crypto adoption brings in more users who see digital assets as a tool to solve everyday tasks. These tasks often involve fiat currencies — so the demand for solutions seamlessly integrating crypto and traditional financial systems is growing. Mass users like convenience, and a smooth flow between two types of money is a requirement to deliver it. 
Looking at the bigger picture, we see how cryptocurrencies have become integral to the UK and global economies. Traditional financial institutions are incorporating cryptocurrency services, and central banks, including the Bank of England and the European Central Bank, are exploring digital currencies. 
The UK’s adoption trends reflect a broader global movement toward digital financial solutions, with countries in North America, western Europe and Asia also experiencing growing interest.
Increasing crypto ownership in the UK has drawn attention from the FCA, placing cryptocurrency regulation among the country’s most important legislative priorities. Recently, the authority has outlined a roadmap that begins with consultations on stablecoin issuance and custody in late 2024 and continues with debate on trading platforms and decentralized finance in 2025. The final set of rules is expected by 2026. 
The UK’s adoption rate suggests that residents owning crypto assets could grow significantly in the coming years. Drawing from the FCA research, many will use crypto to send and receive payments, pay for goods and services, and convert them to fiat and back. Businesses looking to capitalize on this trend should prioritize solutions that offer seamless crypto-fiat transactions, satisfying users’ need for the bridge between the two economies. 
Those who ensure accessibility and user satisfaction won’t just gain a competitive edge. They will lay the foundation for their long-term survival as more people embrace crypto operations.
Today presents the perfect conditions for enterprises to jump on the crypto bandwagon. On the one hand, it’s already clear that the market for crypto-fiat transactions will continue to grow — yet it’s still early enough to claim a larger share of it. On the other hand, the infrastructure has matured enough to offer straightforward solutions for launching crypto operations in mere days. All that’s left for businesses is to try it and potentially become an additional growth driver for the UK crypto market.
Opinion by: Uldis Tēraudkalns, chief revenue officer at Paybis.
This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.