UK House of Lords Backs Mandatory Digital Asset Strategy Amid Labour Opposition

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

The amendment, introduced by Conservative peer Baroness Neville-Rolfe, requires the Treasury to prepare, publish, and consult on a strategy within 12 months of the bill becoming law. The strategy must address multiple digital asset categories, including cryptoassets, stablecoins, and tokenized securities.

The Labour administration voted against the proposal, arguing it did not sufficiently reflect the pace of digital asset development and the need for a cohesive regulatory framework.

The vote highlights ongoing parliamentary debate over whether the government already has an effective strategy in place. The Treasury's Minister for Investment, Lord Stockwood, previously pushed back on calls for a statutory framework, suggesting that existing government work already amounts to an adequate strategic approach.