The UK House of Lords voted 194 to 138 on Wednesday to approve an amendment that would require the government to produce a digital asset strategy, despite opposition from the ruling Labour Party. The proposal was introduced by Conservative peer Baroness Neville-Rolfe and would require the Treasury to draft, publish and consult on the strategy within 12 months after the Financial Services and Markets Act takes effect. The proposed framework would cover cryptoassets, stablecoins and tokenized securities, while also addressing innovation, consumer protection, and businesses’ access to banking, payments and settlement services. The bill still has to go to the House of Commons, where lawmakers may accept, amend or reject the Lords’ changes. The UK Cryptoasset Business Council said it supported the vote. Earlier, Treasury investment minister Lord Stockwood had said the government already has a digital asset strategy and is implementing it.
According to Cointelegraph, the UK House of Lords voted 194 to 138 on Wednesday to approve an amendment requiring the government to develop a digital asset strategy, despite opposition from the ruling Labour Party.
The amendment was introduced by Conservative peer Baroness Neville-Rolfe. It would require the UK Treasury to draft, publish and consult on the strategy within 12 months after the Financial Services and Markets Act takes effect.
The proposal covers cryptoassets, stablecoins and tokenized securities
The strategy would cover cryptoassets, stablecoins and tokenized securities. It would also address innovation, consumer protection, and businesses’ access to banking, payments and settlement services.
The bill still faces a House of Commons review
The bill still has to be submitted to the House of Commons, where lawmakers can accept, amend or reject the changes passed by the Lords.
The UK Cryptoasset Business Council said it supports the outcome of the vote. Earlier, Treasury investment minister Lord Stockwood said the government already has a digital asset strategy and is carrying it out.
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