Ten percent of British citizens have used cryptocurrencies, according to the results of a research study published by Her Majesty's Revenue and Customs (HMRC).
The results obtained by the research services firm Kantar Public, which conducted research on the cryptocurrency market for HM Revenue and Customs, revealed that the 10% of British citizens have used cryptocurrencies in different scenarios.
The research carried out also indicates that it is The young adult population of the UK is the most familiar with cryptocurrencies and digital assets.
The results also indicate that Most British citizens who said they were cryptocurrency users are men.
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The UK commissioned Kantar Public to conduct a research study on the cryptocurrency industry to find out how widespread the market for these digital assets has become in the country, as well as the demographic profile of crypto-asset users and the experiences that Britons have had within the digital industry.
The results of this research study, entitled “Individuals holding cryptoassets: Uptake and understanding” were published this week by HMRC on its website.
More than 50% of Britons prefer to hold cryptocurrencies
Of the 10% of British citizens who said they were cryptocurrency users, 82% said they held their cryptocurrency holdings at the time of the study. Also, 55% of these users also stated that they had never sold their crypto assets.
On the other hand, Kantar Public research found that cryptocurrencies, utility tokens or utility tokens and stablecoins are the three most popular types of digital assets among British citizens.
The research study also found that more than half of Britons see cryptocurrencies as a “fun” new investment asset class that can diversify their portfolios.
Furthermore, as the main use that Britons give to cryptocurrencies is investment, a significant part of the respondents, 42%, said they were aware that they could be subject to paying taxes for using digital assets.
16% of UK cryptocurrency users said they have sought tax advice on their crypto assets.
DeFi spreads among Brits
Decentralized finance, also known as DeFi, seem to be gaining popularity among British citizens as a gateway to the world of cryptoassets.
According to the research study, the 26% of cryptocurrency users in the country had been using cryptocurrencies through decentralized platforms of the DeFi ecosystem.
Although the Kantar Public study was conducted between February and June 2021, applying a survey to a representative sample of the country's population, made up of more than 5.900 citizens, including 713 cryptocurrency users, the results obtained expose the interest that the British have maintained in crypto assets in recent years.
The UK's Financial Conduct Authority (FCA) said in June last year that more than 2 million British citizens were making use of cryptocurrencies.
The United Kingdom wants to become a major innovation hub for cryptocurrencies and blockchain technology. In March this year, it shared its plans to integrate crypto assets into its legislation and financial system. To do this, it plans to regulate cryptocurrencies. stablecoins as a means of payment in the country and create their own NFTs through the British Royal Mint.
The UK government's friendly stance towards the crypto industry could further increase the use and adoption of cryptocurrencies and digital assets among its population.
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