UK House of Lords backs mandatory digital asset strategy

The UK House of Lords voted 194–138 to require the Treasury to produce a comprehensive digital‑asset strategy, despite opposition from the Labour government.

Amendment details

Amendment 88, introduced by Conservative peer Baroness Neville‑Rolfe, mandates that the Treasury prepare, publish and consult on a digital‑asset strategy within 12 months of the Financial Services and Markets Bill becoming law.

Scope of the strategy

The required strategy must address:

• Cryptoassets
• Stablecoins
• Tokenized securities
• Digital financial infrastructure, including innovation, consumer protection and firms’ access to banking, payment and settlement services

Parliamentary context

The amendment was added during the Report Stage of the Financial Services and Markets Bill, which is still progressing through Parliament and must return to the House of Commons for final consideration.

Political positions

The Labour party opposed the amendment, arguing it does not sufficiently address the rapid development of digital assets or provide a cohesive regulatory framework. The UK Cryptoasset Business Council, which collaborated with lawmakers on the amendment, welcomed the vote, highlighting the debate over whether the UK is merely regulating digital assets or building a digital‑assets economy.