Crypto ownership more than doubled in the UK last year, the Financial Conduct Authority said on Wednesday, as it announced an October start date for its clampdown on mis-selling in a sector often dubbed finance’s “Wild West”.

Almost one in 10 people surveyed by the UK’s top financial regulator owned cryptocurrencies in 2022, more than twice the number a year earlier, despite regulators warning that crypto investors should be prepared to lose their entire outlay.

“It is up to people to decide whether they buy crypto?.?.?.?Our rules give people the time and the right risk warnings to make an informed choice,” said Sheldon Mills, the FCA’s head of consumers and competition. He added that its crackdown on crypto group advertising would begin on October 8.