According to the latest report from the exchange Gemini on the state of the crypto market in 2024, the United Kingdom appears to have remained resilient to adoption.
Based on the data from a survey conducted by Data Driven Consulting Group, it has emerged that the holders of crypto assets in the UK are more or less the same as in 2022.
This situation highlights the lack of clear regulation in the sector, considering that the same respondents would like to purchase crypto in the future.
In reality, some regulatory change is moving in the country but very slowly, with waiting times that will extend until 2025.
In the meantime, some supporters of digital economies are trying to do propaganda with targeted advertising campaigns in London.
Let’s see all the details below.
Gemini report: crypto participation in the UK has remained unchanged over the last 2 years
The well-known cryptocurrency exchange Gemini, co-founded by the Winklevoss twins, has just published its report on the state of the crypto industry in 2024.
The study was advanced through a survey conducted in collaboration with Data Driven Consulting Group. The respondents come from the United States, United Kingdom, France, Singapore, and Turkey.
Focusing on the UK territory, Gemini has discovered that in the last 2 years the percentage of crypto holders has remained almost unchanged.
In fact, the percentage of British consumers who own crypto is stable at 18%, despite the recent strong evolution of the sector.
Despite this, sales have been relatively low during the given period since only 15% have liquidated assets in the last 6 months.
Very interesting to observe also how the majority of respondents in the United Kingdom recognize the value of cryptocurrencies in the long term.
64% of users stated that they consider this world from a long-term perspective while 45% see it as a speculation opportunity.
The majority of the respondents feel comfortable allocating at least 5% of their investment portfolios to crypto, 2% more than the global average.
In all this, however, only 14% of Britons claimed to have a good knowledge of blockchain and crypto. Consider that as many as 69% were unaware or only slightly aware of the presence of exchange-traded products (ETP).
Furthermore, Gemini highlights how unfortunately in the UK the share of “crypto girls” has decreased by 5% since 2022, with men leading the gender gap with 70%.
The country seems increasingly more chauvinistic from this perspective.
the United Kingdom suffers from the lack of a clear regulatory framework on crypto
Despite the absence of new investors in the United Kingdom from 2022 to 2024, the report by Gemini highlights how users actually wish to purchase crypto.
According to what has emerged, 93% of current digital asset owners could purchase again within the next year.
77% of former holders plan to purchase crypto again in 2025, with a slightly higher average than the global one.
The main limit that prevents these people from making the investment now is the regulation factor, still subject to many legislative gray areas.
49% of respondents in the United Kingdom believe that clearer government regulation would indeed boost confidence, and consequently would drive more crypto trades.
In 2024, 38% of former holders or non-holders of crypto claim that the real barrier to the adoption of the sector is regulatory issues.
Source: https://www.gemini.com/it-it/state-of-crypto-2024
As Gemini reminds, the European Union, unlike the United Kingdom, moved more quickly by introducing the MiCA regulation already in June of this year.
The British country is working on a new law that can provide greater protection to holders of cryptographic tokens, initiating a flexible oversight approach.
At the end of December 2023, the UK had introduced a new Sandbox for Digital Securities (DSS), to explore new blockchain solutions for internal growth.
We will see if in 2025 it will finally be possible to draft a definitive regulation that can liberalize investments in Bitcoin and other digital currencies.
21% of the latest owners in the United Kingdom agree in stating that there should be greater regulation by the government.
Gemini wants to expand its exchange in Italy and the United Kingdom
Gemini has stated its intention to expand its services in the Regno Unito given the strong interest shown by citizens in the crypto world.
The exchange has aligned itself in the past year with the AML / CTF guidelines from the FCA, emphasizing the importance of transparent regulation for the sector
As reported in a recent interview by The Cryptonomist with Gillian Lynch, CEO of UK & Europe of Gemini, the crypto exchange is preparing for the big step.
Together with the United Kingdom, Italy will also be a market on which to plan penetration strategies in the coming months.
The two targets have been identified as areas where there are conditions for a great phase of growth, where there is also little competition present.
At the moment Gemini is available in over 30 countries in Europe, offering digital asset exchange and custody services to both retail and institutional clients.
From here until the end of 2025, the exchange platform will focus on promotions and new marketing campaigns in the affected areas.
The goal is to acquire market share and establish one’s dominance in the digital crypto space.
The mission of Gemini is to unlock the next era of financial, creative, and personal freedom, building trust as a key element.
Let’s expect to see the name of the exchange resurface in Italy and the United Kingdom in the coming months.
A promotional campaign that encourages the adoption of blockchain and cryptocurrencies
The publication of the Gemini report coincides with the launch of a advertising campaign by the exchange in the United Kingdom focused on the slogan, “Go Where Pounds Won’t”.
The manifesto was distributed through the streets of London with a series of futuristic billboards designed by the artist Matt Griffin, known for his work on Dune and Star Wars.
The motto Go where Pound’s Wont’s symbolizes the idea of how the country could benefit from adopting a crypto-based economy.
The images depict a future humanity with crypto at the center, inviting Gemini customers to become pioneers in this new frontier of financial innovation.
The idea behind the campaign is that criptovalute will take on a central role across the globe in the next 100 years and beyond.
It is essential for the United Kingdom to be ready today and explore new connections with the crypto sector before it is too late.
To celebrate the occasion, the exchange has launched MarsSafariCo.com, an initiative aimed at spreading the power of the blockchain and its ability to reach Mars.
In this site, the drawings of the campaign are showcased through a fictional travel agency of the future. There is also a section for the merchandise.
Source: https://en.cryptonomist.ch/2024/11/13/gemini-crypto-report-investors-in-the-united-kingdom-want-greater-regulatory-clarity/