House of Lords Backs Mandatory Digital Asset Strategy Amid Labour Opposition

The UK House of Lords has voted in favor of a mandatory digital asset strategy, despite opposition from the Labour government. In a 194-138 vote on Wednesday, the amendment was added to the Financial Services and Markets Bill during its Report Stage.

The amendment, introduced by Conservative peer Baroness Neville-Rolfe, would require the Treasury to prepare, publish and consult on a digital asset strategy within 12 months of the bill becoming law. The strategy would cover cryptoassets, stablecoins, and tokenized securities, addressing issues including innovation, consumer protection, and firms' access to banking, payment, and settlement services.

The UK Cryptoasset Business Council welcomed the vote, highlighting the need for a cohesive regulatory framework in the rapidly developing digital assets space. The Labour government had opposed the amendment, arguing it did not adequately address the rapid development of digital assets.