The UK House of Lords approved an amendment to the Financial Services and Markets Bill in a 194–138 vote. This decision mandates that the government must develop a comprehensive digital asset strategy, despite opposition from the ruling Labour party.
Proposed by Conservative peer Baroness Neville-Rolfe, the amendment requires the Treasury to publish and consult on this strategy within 12 months of the bill becoming law. The framework must cover cryptoassets, stablecoins, and tokenized securities.
The strategy is expected to address innovation, consumer protection, and access to banking and payment services for firms. Previously, the government argued that a sufficient digital asset strategy was already in place and being executed.
The UK Cryptoasset Business Council supported the amendment, noting the importance of building a digital assets economy rather than just regulating the sector. The bill now proceeds to the House of Commons for further review and potential changes.
