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Young voters in the UK are calling for cryptocurrencies to be moved to the top of the political agenda
More than a third of young adults in the UK believe cryptocurrencies are an important election issue, according to new data released today ahead of the upcoming general election.
Research commissioned by Zumo, the B2B digital asset infrastructure, and conducted by Focaldata reveals that 34% of young people aged between 18-24 and 25-34 believe that the growth of the cryptocurrency sector should be the focus of attention of the country’s politicians.
A quarter of adults (and 44% in London, a major fintech hub) believe it is important for economic growth that the UK strengthens its position as a digital asset hub, with the figure rising to four in ten among adults 18 and 24 years old. (42%) and 25-34 years (41%).
This sentiment follows recent consultation by the Bank of England and the Financial Conduct Authority (FCA) on a Sandbox for digital titles, which aims to facilitate the use of digital assets in financial markets. In May 2024, the UK’s first cryptocurrency exchange-traded products (ETPs) were listed on the London Stock Exchange (LSE).
A survey of more than 3,000 British adults conducted by Zumo and public opinion research firm Focaldata showed that 38% of young people aged between 18 and 24 have invested in cryptocurrencies, while 40% (and 37 % of young people aged 25-34) know friends and family. who hold cryptocurrencies. A similar percentage (39%) of young people aged 18 to 24 (and 37% of those aged 25 to 34) see the nascent sector as a path to higher long-term returns on own investments.
However, a third (32%) of both 18-24 and 25-34 year olds say they are now worried about the sector’s prospects, as several crypto-friendly MPs have confirmed they will stand down at the election.
Nick Jones, founder and CEO of Zumo, said: “As cryptocurrencies become mainstream, it’s clear from our findings that the nation’s young adults are eager for them to make it onto the political agenda, too.”
“Given the widespread recent turmoil in the traditional financial system, the UK should support alternative financial solutions, without panicking and comparing them to gambling – as we have seen in recent press coverage. A future resilient financial system should seek to incorporate new ideas and structures that provide added value to consumers.”
“Looking ahead, we look forward to seeing government and regulators working in step with the industry to implement an appropriate regulatory framework that will help the digital asset sector reach its full potential as a growth engine for the economy of the United Kingdom”.
Zumo was the first digital asset platform to integrate the technology requirements of the FCA’s new financial promotions regime for cryptoasset firms, which came into force in October 2023. This timely response underlined the company’s commitment to adhering to the regulatory guidelines and to ensure consumer protection.