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 amendment would require the UK Treasury to develop a strategy covering cryptoassets, stablecoins, tokenized securities and digital financial infrastructure.
The UK House of Lords backed an amendment requiring the government to develop a digital asset strategy, in a 194–138 vote on Wednesday, despite the Labour government’s opposition to the measure.
The amendment was added to the Financial Services and Markets Bill during its Report Stage on Wednesday. The bill is progressing through Parliament and would make broader changes to the UK’s financial services regulatory framework.
The strategy would cover cryptoassets, stablecoins and tokenized securities, while addressing issues including innovation, consumer protection and firms’ access to banking, payment and settlement services.