UK House of Lords backs mandatory digital asset strategy over Labour position
The amendment would require the UK Treasury to develop a strategy covering cryptoassets, stablecoins, tokenized securities and digital financial infrastructure.
The UK House of Lords recently endorsed a measure that mandates the government to craft a comprehensive digital asset strategy, despite opposition from the Labour party. The amendment, which garnered 194 votes in favor and 138 against, was introduced during the Report Stage of the Financial Services and Markets Bill. The proposed strategy, which would be published and consulted on within a year of the bill's enactment, aims to address various aspects of digital assets, including innovation, consumer protection, and access to banking, payment, and settlement services.
The amendment was presented by Conservative peer Baroness Neville-Rolfe and was welcomed by the UK Cryptoasset Business Council, emphasizing the need for a cohesive regulatory framework to support the rapid growth and development of the digital asset economy. The bill will now proceed to the House of Commons for further review and potential acceptance, amendments, or rejection.
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