UK Lords Approve Mandatory Digital Asset Strategy Amid Labour Opposition

The UK House of Lords has approved an amendment requiring the Treasury to develop a comprehensive digital asset strategy within 12 months of the Financial Services and Markets Bill becoming law. The vote, 194–138, came despite opposition from the Labour government, which argued the measure did not sufficiently address the evolving landscape of digital assets. The amendment, introduced by Conservative peer Baroness Neville-Rolfe, mandates the publication and consultation of a strategy covering cryptoassets, stablecoins, and tokenized securities, with a focus on innovation, consumer protection, and access to financial services such as banking and payments. The bill remains under review in the House of Commons, where further amendments could be made before final passage.