A survey organized by digital asset services provider CoinShares found that more than half of UK-based financial advisors reported that most of their clients’ crypto assets were outside their supervision.

According to CoinShares survey results published on Thursday, 52% of UK advisors among 261 European wealth management professionals said that most of their clients’ digital asset exposure was essentially “invisible” to them. Of all EU countries surveyed, including France, Germany, Italy and Switzerland, this figure was 25%, with 61% of advisors saying they worked for companies that clearly constrained digital resources or did not provide clear internal guidance.

“The capital has already been allocated,” said CoinShares co-founder and CEO Jean-Marie Mognetti. “The people tasked with managing it simply don’t see it, and in most cases it’s not because customers don’t want to get involved, but because company policy prevents them from doing so. It’s not a knowledge problem. It’s not a demand problem. It’s a company policy problem that becomes a reverse risk.”

Added:

“[…] Visibility is more important than advice. You can’t allocate, manage risk, or gain confidence in assets you can’t see.

Source: CoinShares

The UK Financial Conduct Authority (FCA), the regulator that oversees the regulation of digital assets, reported in December, about 8% of adults in the country invested in cryptocurrencies. The group recently proposed allowing authorized investment funds to have up to 10% allocation in cryptocurrency exchange listings.

Related: Bank of England relaxes stablecoin rules, introduces £40 billion issuance limit

Potential new leadership to shake up UK crypto policy?

British Prime Minister Keir Starmer resigned as Labor leader on Monday under pressure from many members of his own party, opening the door for a recently elected member of parliament to take over.

In a recent by-election, former Mayor of Greater Manchester Andy Burnham won the seat of MP representing Makerfield, giving him strong support from many Labor parties to replace Starmer. While it’s unclear how Burnham might handle crypto policy on the national stage, as mayor he has supported the blockchain industry as a driver of economic development.

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