House of Lords Backs Digital Asset Strategy Amid Labour Opposition

The UK House of Lords has backed an amendment that would force the government to set out a formal digital asset strategy, despite Labour opposition.

The measure passed during Wednesday's Report Stage of the Financial Services and Markets Bill by a 194-138 margin. The amendment would require the Treasury to prepare, publish, and consult on a strategy within 12 months after the bill becomes law.

The proposed strategy must address multiple digital asset categories, including cryptoassets, stablecoins, and tokenized securities, rather than treating them as a single regulatory problem.