House of Lords Backs Digital Asset Strategy Amid Labour Opposition

The UK House of Lords has backed an amendment requiring the government to develop a digital asset strategy. The move, which was supported by 194 votes against 138, comes despite opposition from the Labour government.

The amendment, introduced by Conservative peer Baroness Neville-Rolfe, would require the Treasury to prepare and publish a digital asset strategy within 12 months of the Financial Services and Markets Bill becoming law. The strategy would cover cryptoassets, stablecoins, tokenized securities, and digital financial infrastructure, addressing issues including innovation, consumer protection, and access to banking services.

The vote follows months of debate over the UK's approach to digital assets, with the Treasury Minister for Investment, Lord Stockwood, previously stating that the government already had a digital asset strategy in place. The Labour party opposed the amendment, arguing it did not adequately address the rapid development of digital assets and the need for a cohesive regulatory framework.