According to new data released today ahead of the upcoming general election, more than a third of young adults in the UK believe crypto is an important electoral issue.
Research commissioned by Zumo and conducted by Focaldata reveals 34% of both 18-24 and 25-34 year-olds think the growth of the crypto industry should be front of mind for the country’s politicians.
A quarter of all adults (and 44% in London, a prominent fintech hub) think it’s now important for economic growth that the UK strengthens its position as a digital assets hub, with the figure rising to four in ten 18-24 year-olds (42%) and 25-34 year-olds (41%).
This sentiment follows the recent consultation by the Bank of England and the Financial Conduct Authority (FCA) on a Digital Securities Sandbox, which aims to facilitate the use of digital assets in financial markets. In May 2024, the first UK crypto exchange traded products (ETPs) listed on the London Stock Exchange (LSE).
Zumo and public opinion research company Focaldata’s poll of more than 3,000 UK adults also showed 38% of 18-24 year-olds have invested in cryptocurrencies themselves, whilst 40% (and 37% of 25-34 year-olds) know friends and family who hold crypto. A similar proportion (39%) of 18-24 year-olds (and 37% of 25-34 year-olds) see the nascent sector as a pathway to higher long-term returns on their investments.
However, a third (32%) of both 18-24 and 25-34 year-olds say they are now concerned about the sector’s future prospects, given a number of crypto-friendly MPs have confirmed they are standing down at the election.
Nick Jones, founder and CEO, Zumo said: “As crypto moves mainstream, it’s clear from our findings that the nation’s young adults are keen for it also to move up the political agenda.”
“Given the widespread recent turmoil in the traditional financial system, the UK should be championing alternative financial solutions, not panicking and likening them to gambling – as we’ve seen in recent press coverage. A resilient future financial system should look to incorporate new ideas and structures that provide added value for consumers.”
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“Moving forward, we’re keen to see the government and the regulators working in step with the industry to implement an appropriate regulatory framework that will help the digital assets sector reach its full potential as a growth driver for the UK economy.”
Zumo was the first digital asset platform to integrate tech-based requirements of the FCA’s new financial promotions regime for cryptoasset firms, which took effect in October 2023. This timely response underscored the company’s commitment to adhering to regulatory guidelines and maintaining consumer protection.
