The UK House of Lords voted 194 to 138 on Wednesday to approve an amendment requiring the government to produce a digital assets strategy, despite opposition from the ruling Labour Party. The proposal was introduced by Conservative peer Baroness Neville-Rolfe and would require HM Treasury to draft, publish and consult on the strategy within 12 months of the Financial Services and Markets Bill taking effect. The strategy would cover crypto assets, stablecoins and tokenized securities, while also addressing innovation, consumer protection, and businesses’ access to banking, payments and settlement services. The bill must still go to the House of Commons, where lawmakers can accept, amend or reject the Lords’ changes. The UK Cryptoasset Business Council said it supports the vote. Earlier, Treasury investment minister Lord Stockwood said the government already has a digital asset strategy and is putting it into effect.
The UK House of Lords voted 194 to 138 on Wednesday to pass an amendment that would require the government to develop a digital assets strategy, despite opposition from the ruling Labour Party.
The amendment was introduced by Conservative peer Baroness Neville-Rolfe. It would require HM Treasury to draft, publish and consult on the strategy within 12 months after the Financial Services and Markets Bill takes effect.
What the proposed strategy would cover
Under the amendment, the strategy would cover crypto assets, stablecoins and tokenized securities. It would also address innovation, consumer protection, and businesses’ access to banking, payments and settlement services.
Next step moves to the House of Commons
The bill still needs 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 implementing it.
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