UK House of Lords Backs Digital Asset Strategy Amendment

A UK digital asset strategy amendment has won backing from the House of Lords in a vote of 194-138. The amendment, which requires the Treasury to publish and consult on a national digital asset strategy within 12 months, was added to the Financial Services and Markets Bill.

The strategy will cover cryptoassets, stablecoins, tokenized securities, and digital settlement systems. It will also include an examination of how digital asset businesses operate under current UK legal and market conditions, including banking access and consumer protection.

Conservative and Liberal Democrat members provided most of the support for the amendment, while 127 Labour peers voted against it. The Treasury would have 12 months after Royal Assent to prepare and publish the strategy.