목차
Title page 1
Contents 3
Summary 4
Key findings 5
Introduction 6
Policy Context 6
Future regulatory regime 7
Wider impact of our regulation 7
Research purpose 8
Methodology 9
Experimental Design 9
Scenario 10
Treatment groups 10
Overview of treatment groups 11
Investment task 13
Survey questions 13
Empirical Strategy 13
Results 15
Investment Decisions 16
Overall investment portfolios 16
The impact of regulation on cryptoasset investment 17
Substitution effects: the source of additional investment into cryptoassets 18
Understanding 19
Understanding of protections 19
Understanding cryptoassets and their regulatory status 21
Other outcomes 22
Trust 22
Attitudes towards regulation 23
Discussion 25
References 28
Tables 12
Table 1. Summary of information components shown to each group 12
Table 2. Summary of key results 15
Table 3. Impact of regulation and additional information on understanding protections and limitations 21
Table 4. Impact of regulation and additional information on perceptions of protections 24
Figures 10
Figure 1. Experiment flow 10
Figure 2. Scenario 10
Figure 3. Protections coverage information component 12
Figure 4. Average portfolio invested 17
Figure 5. Impact of regulation and additional information on cryptoasset investment 17
Figure 6. Impact of regulation and additional information on cash held (left) and combined investment in ETFs and CFDs (right) 19
Figure 7. Impact of regulation and additional information on understanding protections and limitations 20
Figure 8. Impact of regulation and information provision on trust in cryptoassets 23
Figure 9. Impact of regulation and information provision on trust in the FCA 23
