UK Lords votes for statutory digital asset strategy

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The House of Lords has backed legislation that would oblige the UK government to draw up a dedicated strategy for digital assets, against the position of Labour ministers.

The amendment passed by 194 votes to 138 on Wednesday and would give the Treasury 12 months after the Financial Services and Markets Bill becomes law to prepare and consult on the strategy.

The proposed framework would cover cryptoassets, stablecoins and tokenised securities, addressing areas including innovation, consumer protection and access to banking, payment and settlement services.

The government says its existing digital asset strategy already covers these priorities and does not need a statutory requirement.