UK House of Lords Backs Mandatory Digital Asset Strategy

The UK House of Lords has backed an amendment requiring the government to develop a digital asset strategy. The vote, which took place on Wednesday, was in favor of Amendment 88 by a margin of 194-138.

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, and tokenized securities, as well as address issues such as innovation, consumer protection, and access to banking services.

The Labour government opposed the amendment, arguing that it did not adequately address the rapid development of digital assets and the need for a cohesive regulatory framework. However, the UK Cryptoasset Business Council welcomed the vote, highlighting the importance of building a digital economy rather than simply regulating digital assets.