Karsten Wenzlaff, Advisor
August 26th, 2025
Karsten Wenzlaff is a Crowdfunding and Fintech Expert from Germany. He is Secretary-General of Digit[...]
UK vs. Canada: A Tale of Two Different Crypto Consumers
Crypto Survey Results | Dec 3, 2024
Key Insights from the UK FCA's 2024 Crypto Consumer Research Survey
On Nov 26, 2024, the Financial Conduct Authority (FCA) published results from its latest 2024 Cryptoassets Consumer Research Survey. The UK-based survey is in Wave 5 which is part of a longitudinal survey designed to track insights and trends over time given that attitudes towards cryptoassets can evolve.
Download the 80 page PDF survey results report here
The survey data was collected from August 12-21, 2024 via an online self-completion questionnaire. Participants were sourced from the YouGov panel in two phases (groups) to ensure a diverse cross-section of the UK adult population.
- Phase 1 was a national sample of 2,199 UK adults
- Phase 2 follow-up was 1,097 cryptoasset users (active or former) to gain deeper insights
Key Findings
Awareness
- 93% or nearly all adults in the UK are now aware of cryptoassets (slight increase from 91% in 2022).
- Men are more likely to have heard of cryptoassets (96%) compared to women (90%).
Ownership Trends
- Cryptoasset ownership has grown to 12% of UK adults or 7 million people (up from 10% in 2022). This is a significant increase from 2020 where only 4% of UK adults owned cryptoassets.
- Ownership is higher among younger individuals (24% of those aged 18-34) and those with annual household incomes exceeding £100,000 (25%).
- Men are more likely to own crypto (19%) than women (9%).
Usage and Investment Motivations
- 36% buy crypto as part of an investment portfolio.
- 26% see it as a gamble for significant gains or losses.
- Long-term saving and day trading are also popular and increasing motivations.
See: 10 Insights from IOSCO’s Report for Crypto Investors
- More users are holding crypto: £1,001–£5,000 (17%, up from 14% in 2022) and £5,001–£10,000 (19%, up from 6% in 2022). About one-third (32%) still hold crypto valued at £100 or less.
- 67% of crypto owners have used their assets in some way. The most common use is converting cryptoassets into currency (43%).
Advertising and Its Impact
- 38% of crypto-aware individuals said they remember seeing crypto adverts primarily on social media (44%).
- 18% felt curious after seeing ads but it wasn't enough to buy.
- 10% were influenced to purchase crypto.
- Crypto ad awareness is higher among younger respondents and men.
Risks and Challenges
- 9% of crypto users said they were victims of scams including fake social media endorsements and phishing.
- 90% of the scam victims said they lost money (20% reported losses of over £1,000).
- 20% of crypto users mistakenly believe they are financially protected against losses (up from 10% in 2022).
Regulation and Consumer Perceptions
- 58% of users said they were comfortable trading in an unregulated market.
- 27% of users said they would invest more if cryptoassets were regulated, and another 25% would invest if regulation included financial protection for losses.
- Only 8% of non-crypto users said they would likely invest more, if the market were regulated.
See: Report Insights: DIY Investors in Canada on the Rise
Emerging Trends
- 27% of users said they participated in staking in the past year. 9% participated in lending or borrowing cryptoassets.
- 72% of crypto purchases were funded with disposable income. Credit card payments doubled to 14%.
- 72% store crypto on the exchange where they purchased it.
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So How Do UK and Canadian Retail Investors Compare?
Comparing the above 2024 cryptoaseets research by the FCA with the Crypto Asset Survey conducted by the Ontario Securities Commission (OSC) in 2023 reveals some interesting differences between retail crypto investors in the two countries.
1. Ownership Trends
Crypto ownership is on the rise in the UK with 12% of adults now owning cryptoassets (up from 10% in 2022). This growth is fuelled by younger adults, higher-income households, and a more optimistic view of crypto’s future utility.
See: Wealth Management Insights for Fintechs and Investors
Crypto ownership in Canada declined from 13% in 2022 to 10% in 2023. Many Canadians are still cautious and concerns about risk, volatility, and lack of understanding, slowing adoption.
2. Engagement and Usage
UK investors are more active users of their cryptoassets. 67% of crypto owners in the UK report using their holdings for various purposes, such as converting to fiat currency (43%) or trading between cryptoassets (33%). This indicates a shift toward integrating crypto into financial strategies.
In Canada, engagement remains lower. A significant proportion of Canadians (30%) report never using their crypto after purchase. When used, the most common activity is converting crypto to fiat currency (25%). This suggests many Canadians view crypto as a speculative asset rather than a functional tool. Worth noting that the OSCs survey was in 2023 so perspectives could very well be changing, especially in the current bull run.
3. Risk Perception and Confidence
Crypto's risk perception in the UK is more balanced. While 58% of UK investors are comfortable trading in unregulated markets, many still express interest in clearer regulations, with 27% saying they’d invest more if the market were better regulated.
Canadians are more skeptical of crypto. 77% expressing regret over their purchases (far higher than 20% reported in the UK). Nearly half of Canadians (49%) cite risk as their main barrier to investing, and confidence in the ability to buy or sell crypto in the future is low (16% highly confident).
4. Knowledge and Awareness
Awareness of cryptoassets is much higher in the UK with 93% of adults familiar with the concept. Many UK investors also demonstrate a deeper understanding of crypto’s potential, treating it as a diversification tool within their broader financial portfolios.
See: Overcoming Barriers to Growth in Financial Regulation
In Canada, only 54% of respondents could correctly define cryptoassets, and many rely on informal sources like friends or social media for information. This knowledge gap contributes to poor decision-making and higher regret.
5. Advertising and Influence
Both countries report significant exposure to crypto advertising, primarily through social media. However, UK investors appear better equipped to evaluate such promotions. In the UK, 10% of individuals reported purchasing crypto due to advertising while Canadians, despite similar ad exposure, showed greater regret about purchases influenced by these ads.
In Summary, the characteristics between UK vs Canadian retail investors is as follows, do you agree?
As per the FCA's 2024 cryptoasset survey, UK retail crypto investors tend to be more involved and optimistic and are using crypto as part of a broader financial plan. They actively use their crypto and recognize its use beyond just making a quick profit.
See: Canada’s Proposed Mutual Fund Crypto Regulations 2024
Accordingto the 2023 OSC crypto assets survey, Canadian retail crypto investors are more cautious and focused on quick gains. They use crypto less often and are more likely to feel regret about their investments and may reflect uncertainty or confusion about how crypto fits into their financial goals.
Why Such a Difference?
Regulatory Environment
In the UK, the FCA has worked to build trust in crypto by creating clear rules and educating people about safe trading. These efforts have helped reduce confusion and fear around using crypto.
In Canada, while regulators have made strides in creating balanced regulations, over half of people don’t know about these crypto regulations, and a third mistakenly think there are no rules at all. This uncertainty makes people more skeptical and less likely to get involved in crypto.
Market Maturity
The UK’s crypto market appears more developed with many investors actively using their crypto for things like trading, converting to cash, or earning through activities like staking. These actions show that people in the UK see crypto as a tool they can use in their financial lives, not just something to buy and hold.
See: UK’s Regulatory Crypto Roadmap from Sandbox to Mainstream
In Canada, according to the survey data, many people buy crypto but don’t use it much beyond that and there are fewer options like staking or other services that are widely available. This makes crypto feel more like a speculative investment than a practical financial tool.
Cultural Attitudes Toward Risk
Canadians tend to be more risk-averse with nearly half perceiving crypto as too risky to consider. *Update* Worth considering if the way the OSCs 2023 crypto asset survey results are 'over-egged' in the way risks are presented while shying away from reporting the positives (not balanced), and as unintended (or intended) consequences go, the OSC may just be unfairly miseducating consumers causing slower adoption in Canada?
In the UK, while investors do have risk concerns they are more likely to integrate crypto into diversified portfolios, helping them to balance risk vs reward with a long term view.
How Canada Can Close the Gap
- Simple, transparent rules for crypto and communicate it widely so investors feel more confident in participating.
- Run public education campaigns to teach people about the benefits and risks of crypto. Work with industry associations, schools, financial experts, and regulators to make crypto easier to understand.
- Highlight more real life use cases of how crypto can be used for things like international payments, staking, or decentralized finance (DeFi). Help people see it as a useful tool, not just a risky gamble.
See: UK Proposes Bill to Recognize Crypto as Personal Property
- Train advisors to talk about crypto with clients. This can help investors make smarter decisions instead of relying on advice from friends or social media.
- Set clear rules for crypto ads to prevent misleading claims. Require clear explanations of risks to reduce regret after purchases.
- Encourage Canadian platforms to offer more services like staking and educational tools. A wider range of options will help attract more active and confident investors.
Conclusion
According to survey results, Canada and the UK have taken different paths in their crypto markets. While UK investors are confident and actively use crypto as part of long-term financial plans, Canadians remains cautious, speculative, and less engaged. To close this gap, Canada must focus on clear regulations, better education, and highlight crypto's practical use cases beyond speculation.
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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