CoinShares survey finds UK advisers largely blind to clients’ crypto holdings — and it’s a firm-policy problem
A new CoinShares survey has exposed a significant visibility gap in how wealth managers see clients’ cryptocurrency investments — and in the UK the problem is acute. Of 261 wealth management professionals polled across Europe, 52% of UK advisers said most of their clients’ crypto exposure is effectively “invisible” to them, because firm-level restrictions prevent those holdings from being disclosed or managed internally. Across the broader sample (France, Germany, Italy, Switzerland and others), that figure drops to 25%.
The survey also found that 61% of respondents work at firms that either restrict digital assets or lack a clear internal policy for handling them. CoinShares co‑founder and CEO Jean‑Marie Mognetti framed the issue as a structural one: clients have already allocated capital to crypto, but advisers are often prevented by company rules from seeing, discussing or incorporating those assets into portfolio decisions. “The capital has already been allocated. The people entrusted with managing it simply cannot see it, and in most cases not because clients are unwilling to engage, but because firm policy prevents them from doing so,” Mognetti said, warning this creates a “wrong‑way risk” where advisers must manage wealth without a complete picture of client assets.
Why it matters: advisers who lack visibility into clients’ crypto positions can’t properly allocate investments, manage portfolio risk, or build fully informed financial plans. CoinShares argues this is not primarily a knowledge or demand gap, but a firm‑policy lapse that could expose clients and advisers to unintended risks.
Context: Crypto ownership in the UK keeps rising. The Financial Conduct Authority reported around 8% of UK adults held cryptocurrency in its December report. The regulator has also signalled evolving policy engagement — proposing to let authorised investment funds allocate up to 10% of their assets to cryptocurrency exchange‑traded notes (ETNs).
Industry reaction and the adoption debate: While wealth managers wrestle with visibility and governance, some industry executives say the next wave of crypto adoption will be driven by payments rather than speculation. Ripple executives have compared the early crypto payments landscape to the infancy of e‑commerce, arguing that scalable blockchains, stablecoins, regulated fiat on‑ramps and user‑friendly wallets could push payments into mainstream use. Ripple CEO Brad Garlinghouse has also flagged growing interest in stablecoins from corporate finance and treasury teams exploring blockchain‑based payments and treasury management.
Regulatory scrutiny extends beyond Europe. In India, the Financial Intelligence Unit has asked at least three major exchanges to preserve records of over‑the‑counter (OTC) crypto transactions exceeding $10,000 from January 2026 — a move aimed at increasing traceability of large, private trades that bypass public order books and can obscure beneficial ownership.
Bottom line: As crypto holdings move into mainstream portfolios, the CoinShares survey suggests the industry’s biggest near‑term hurdle may not be consumer demand or adviser know‑how, but firm policies and compliance frameworks that leave advisers blind to assets they are expected to manage.
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