Kraken UK Chief Sees Crypto Adoption Rising as Education and Clear Rules Lag

Crypto ownership in the UK is growing, but turning interest into a durable digital asset economy will take more than rising prices. Kraken UK general manager Bivu Das sees a path toward broader use in financial services; he also says clearer rules and more education are needed to support it.

The Financial Conduct Authority (FCA) has opened a consultation on proposals covering six areas: trading platforms, intermediaries, lending and borrowing, staking, decentralized finance, and credit used to buy crypto products. Responses to its discussion paper were due by June 13, 2025. The consultation is part of a wider roadmap for stakeholder engagement, with final rules expected by 2026.

For companies building products in the UK, that timetable matters. Das argues that regulatory clarity could unlock what he calls “free growth” by giving investors and businesses more confidence to participate. The market is still largely without dedicated rules, and the pace of rulemaking has drawn criticism for trailing changes in the technology.

Adoption is growing, but sentiment remains volatile

FCA figures cited in the source put UK crypto ownership at 12% of the population. The country first set out plans to become a crypto technology hub in 2022, and it has also explored a central bank digital currency designed to complement existing payment systems and provide a digital alternative to cash.

Das says demand is supported by public interest in digital services and talent located across the country, not only in London. He expects ownership to reach 25%, though that remains his forecast rather than an established outcome. His broader point is that wider participation could help develop services built around digital assets.

For now, speculative behavior still shapes many people’s experience. A Kraken survey of 1,200 crypto holders found that 88% felt they had missed significant gains, 84% had acted on fear of missing out during price surges, and 63% said fear of missing out or fear, uncertainty, and doubt had harmed their strategy. The figures describe respondents’ reported experiences, rather than measuring market performance.

Das expects the market to mature, with less dramatic peaks and declines over time. He sees an opportunity to connect established financial services with digital asset products. That transition is a more concrete test of the sector’s progress than attention to price swings: it depends on whether people and businesses can find useful services beyond short-term trading.

Education is a constraint on long-term growth

Das also points to a shortage of formal blockchain education. He says around five UK universities offer courses related to blockchain technology, a small base for a sector that he believes has significant potential applications and job opportunities. Kraken is engaging with education providers, he says, to help prepare candidates entering the field.

That gap has practical consequences. Companies seeking to build and maintain digital asset products need people who understand the underlying systems, while universities and training providers need a clearer view of the skills employers require. Expanding access to relevant courses could help the UK turn its existing technical talent into a stronger pipeline for the sector.

Das says Kraken has supported discussions involving regulators, the Bank of England, and the Treasury, including roundtables and sandbox sessions intended to examine the technology’s risks and benefits. He sees these exchanges as useful ways to help decision-makers understand the industry. The source also reports that the departure of Treasury Minister Tulip Siddiq created uncertainty around the timetable for the UK’s digital asset framework.

Utility will test the market’s next phase

Das’s outlook rests on a shift from crypto as a speculative asset to digital infrastructure used in financial services. He cites research suggesting Bitcoin was less volatile last year than several S&P 500 stocks, including Tesla and Meta. That comparison is limited to the assets and period named; it doesn’t establish that crypto is generally less volatile or remove the risks of price changes.

For companies assessing the UK market, the signals are mixed but tangible: ownership has reached 12%, the FCA is consulting across a wide set of activities, and Kraken expects adoption to keep rising. The open questions are whether rulemaking will provide enough clarity, whether financial products will deliver practical utility, and whether education can supply the skills those products require. Those outcomes will show whether enthusiasm can support sustained use of digital assets.