Crypto asset ownership in the UK has surged by a fifth to 2.3 million people from 1.9 million last year, according to the Financial Conduct Authority (FCA), with awareness also on the rise. The number of adults that have heard of crypto assets now stands at 78 per cent, up from 73 per cent a year earlier, as more people now consider crypto a viable investment option, the FCA said. The UK financial regulator warned consumers that crypto assets are largely unregulated in the UK and they must “be prepared to lose all their money” if they choose to invest in them. “The market has continued to grow, and some investors have benefited as prices have risen,” said FCA executive director Sheldon Mills. “However it is important for customers to understand that because these products are largely unregulated that if something goes wrong they are unlikely to have access to the FSCS or the Financial Ombudsman Service.” The warning comes after Bank of England Governor Andrew Bailey advised investors against buying cryptocurrencies in May. Bailey said cryptocurrencies such as Bitcoin and Ethereum don’t have intrinsic value. “Now that doesn’t mean to say that people don’t put value on them because they can have extrinsic value. But they have no intrinsic value,” he said.