UK House of Lords passes mandate for Treasury to publish digital asset strategy within 12 months
In a 194–138 vote, the UK House of Lords rejected the Labour government's opposition and ordered the creation of a comprehensive regulatory plan for cryptoassets, stablecoins, and tokenized securities.
Members of the UK House of Lords voted to require the Treasury to develop a digital asset strategy within one year. The passage occurred during Wednesday's Report Stage of the Financial Services and Markets Bill. Amendment 88, sponsored by Baroness Neville-Rolfe, passed with 194 votes in favor and 138 against. The ruling Labour government opposed the change, arguing it failed to account for the industry's rapid evolution. Lord Stockwood, the Minister for Investment, previously stated the government already possessed a strategy and was implementing it. The proposed plan must cover digital assets including cryptocurrency, stablecoins, and tokenized securities. It will also address innovation, consumer protection, and firm access to banking and settlement services. The UK Cryptoasset Business Council welcomed the outcome following Thursday's announcement.
