91% Know Crypto, Only 8% Own It: Why UK Crypto Regulation Could Be the Next Growth Lever

UK crypto regulation is shifting from a narrow focus on anti-money-laundering checks and marketing rules toward a fuller rulebook, and exchanges are already positioning themselves for it. In a recent CryptoUK interview, WhiteBIT founder Volodymyr Nosov argued that clarity from regulators is the missing ingredient for turning widespread awareness of digital assets into broader, safer adoption.

A big gap between awareness and ownership

The numbers Nosov leans on come from the Financial Conduct Authority’s 2025 Cryptoassets Consumer Research. By that account, 91% of UK adults are aware of cryptoassets, but only around 8% currently hold them. Nosov reads that gap as room for “responsible growth” once the framework matures.

One statistic he highlights points to why regulation matters commercially: 26% of non-users said they would be more likely to enter the market if cryptoassets were fully regulated. Nosov also notes the FCA’s finding that centralised exchanges remain the most common route into crypto for UK users, which puts platforms like his at the center of any regulatory shift.

What exchanges say users now want

Nosov describes a change in priorities. Early adopters valued access and simplicity. As the market matures, he says, users want a combination of accessibility, simplicity, security and trust, with trust increasingly resting on strong security and transparency. He points to growing attention to asset protection, liquidity, institutional-grade custody and intuitive products.

For retail customers, he sketches a good experience as one where users can fund an account in pounds, convert and trade easily, and see clear analytics. Education, transparent fees and practical risk information should sit inside the platform rather than behind a link, he says.

From AML box-ticking to market integrity

The more consequential argument concerns what a comprehensive regime changes for businesses. Nosov says the conversation moves beyond basic AML compliance toward market abuse monitoring, robust custody standards, conflict-of-interest management and capital adequacy. In his view, institutions such as hedge funds, asset managers and family offices want operational clarity, while retail users want clear disclosures, fair treatment and protection from predatory practices.

He also claims that exchanges which invested in compliance from the start now hold a significant advantage. That is a self-interested position, and worth reading as such: WhiteBIT recently launched a UK-specific arm, WhiteBIT UK, under the Section 21 regime, and Nosov sits on its board as a non-executive director. He describes the entity as a step toward a directly authorised route, offering local GBP banking through Faster Payments, UK-based customer support and products tailored to British users.

What to take from it

The interview is a conversation hosted by a trade association, so it reflects an industry view rather than an independent assessment. The published portion, which cuts off before Nosov’s answers on institutional demand, offers no detail on timelines, specific rules or how his firm’s authorisation will progress. Still, it captures a clear industry thesis: that UK crypto regulation, if it delivers predictable standards on custody, disclosure and market conduct, will reward firms that built compliance early and could draw in the cautious majority who have heard of crypto but have not yet bought any.

Whether that 26% of hesitant non-users actually converts is the real test, and the FCA’s research suggests it will depend as much on trust as on technology.

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