UK House of Lords Votes for National Digital Asset Strategy
The UK House of Lords has voted in favor of a national digital asset strategy, with 194 members backing Amendment 88 by 138 votes. The amendment requires the Treasury to develop a strategy covering cryptoassets, qualifying stablecoins, central bank digital currencies, tokenized securities, and other digital financial assets within 12 months of the legislation passing.
The strategy would examine how digital asset firms operate under existing legal, regulatory, and market conditions, including their ability to obtain banking services. It would also consider regulatory developments in other jurisdictions, consumer protection, market integrity, financial stability, and the UK's international competitiveness.
Industry leaders have welcomed the move, citing the need for a cohesive strategy to support innovation and competition in the digital asset space. The government has defended its existing work on digital markets, including the wholesale financial markets digital strategy and nine action groups led by Chris Woolard.