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BTC 
ETH The British House of Lords voted 194 - 138 to approve an amendment requiring the government to develop a digital asset strategy.
On Wednesday, the British House of Lords voted 194 to 138 to support an amendment requiring the government to develop a digital asset strategy. The amendment was passed despite opposition from the Labor government.
This amendment was added during the reporting phase of the Financial Services and Markets Bill. Currently, the bill is being advanced in Parliament and will make broader adjustments to the UK's financial services regulatory framework.
Core content of the amendment
Amendment 88, proposed by Baroness Neville-Rolfe, Conservative MP, requires the Treasury to develop, publish and seek public comment on a digital asset strategy within 12 months of the Financial Services and Markets Act becoming law.
The strategy will cover crypto assets, stablecoins and tokenized securities, while addressing multiple issues including innovation, consumer protection, and corporate access to banking, payment and settlement services.
Background and controversy
The vote comes after months of debate over UK digital asset policy. During a debate in July, Lord Stockwood, Treasury Secretary for Investment, rebuffed calls for a statutory framework, saying the government believed it already had a digital asset strategy and was implementing it.
The ruling Labor Party opposed the amendment, arguing that it failed to adequately respond to the rapid development of digital assets and the need to establish a unified regulatory framework.
Industry reaction
The UK Cryptoasset Business Council said it was involved in the legislative work on the amendment and welcomed the vote on Thursday. The organization highlighted the key question raised by Lord Chris Holmes: Is the UK just "regulating digital assets" or is it committed to "building a digital asset economy"?
The bill still needs to be returned to the House of Commons, where MPs can accept, amend or reject proposed changes in the House of Lords.
