- Ahead of the general election, more than a third of young adults believe the growth of the “crypto” sector should be a key consideration for politicians, with four in ten considering it vital for the U.K.’s economic growth prospects.
- Amidst growing adoption, a similar figure (32%) say they have concerns about the sector’s future prospects ahead of a change in government.
Edinburgh & London, Monday 24 June 2024 – According to new data released today ahead of the upcoming general election, more than a third of young adults in the U.K. believe “crypto” is an important electoral issue.
Research commissioned by Zumo, the B2B digital assets infrastructure, 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 U.K. 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 U.K. “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 U.K. 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.”
“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 “crypto asset” firms, which took effect in October 2023. This timely response underscored the company’s commitment to adhering to regulatory guidelines and maintaining consumer protection.
Methodology
Zumo used Focaldata to conduct a poll among a representative sample of the GB public. Data was collected from a sample of 3,124 U.K. adults between 7 and 11 June 2024. Data was weighted to be representative of the public by age, gender, education, region and ethnicity.
For interview requests or other press enquiries, please contact: Amelie Arras, Marketing Director, Zumo ([email protected])
About Zumo
Zumo believes everyone should have access to sustainable finance, and that blockchain has the power to deliver this globally. Its mission is to provide a better planet for digital assets, delivering sustainable, accessible and secure ways to unlock the benefits of web3.
As an enterprise-focused digital-asset-as-a-service platform, Zumo’s turnkey, API-based infrastructure offers a fast, flexible and compliance-sensitive route to market, empowering fintechs, banks, asset managers and brands to offer their clients the tools of the future simply, securely and sustainably while also opening up new revenue streams, attracting new customers and supporting customer retention.
A values-driven business, Zumo has underlined its commitment to a fairer society and a sustainable planet with an ambitious 2030 net zero strategy encompassing its own business; the blockchains it works with; and the wider digital asset ecosystem. Carbon-neutral since inception, the business is committed to ongoing collaboration in the decarbonisation of the digital assets industry. Zumo was an early signatory of the Crypto Climate Accord, the first digital asset business to receive U.K. government funding from the U.K.’s national innovation agency, Innovate U.K., to further its applied work on the decarbonisation of digital assets, and is now a key contributor to industry guidance on the energy consumption of blockchain, working in tandem with the World Economic Forum and the OECD.
Zumo’s infrastructure also powers the direct-to-consumer Zumo App, launched in the U.K. and registered with the Financial Conduct Authority (FCA).
About Focaldata
Focaldata is the research data platform that combines sampling, scripting, fieldwork and data processing into a single intuitive tool. Focaldata uses technology and machine learning based techniques to measure public attitudes and behaviour more accurately and efficiently than traditional research agencies.
Focaldata is a registered member of the British Polling Council (BPC), Market Research Society (MRS) and the International association for the measurement and evaluation of communication (AMEC).