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BTC 
ETH The British House of Lords voted 194 to 138 to approve the National Strategic Requirements for Digital Assets
On September 9, during the report review stage of the UK Financial Services and Markets Act, the British House of Lords approved an amendment with 194 votes in favor and 138 votes against. The amendment requires the Ministry of Finance to develop a national digital asset strategy.
The core content of the amendment covers a wide range of areas
According to the requirements of Amendment No. 88, within 12 months after the passage of legislation, the Ministry of Finance needs to formulate, publish and solicit opinions to form a comprehensive strategy covering crypto assets, eligible stablecoins, central bank digital currencies, tokenized securities and other digital financial assets. In addition, the review will also extend to the infrastructure needed to support digital markets operating in the UK.
Strategic priorities: bank access and international competitiveness
This measure was proposed by Baroness Neville Rove, a Conservative aristocrat, and Lord Altrincham, a Liberal Democrat aristocrat, Baroness Kramer. The amendment requires the Ministry of Finance to review the operating models of digital asset companies in existing legal, regulatory and market environments.
The strategy requires special attention to companies 'ability to access banking, payment and settlement services, and the impact of one-size-fits-all or lack risk-sensitive restrictions on competition, innovation and legitimate market participation. At the same time, the Treasury also needs to consider regulatory developments in other jurisdictions, consumer protection, market integrity, financial stability and the UK's international competitiveness.
During the debate, Lord Luther Langer in Northwood cited the U.S. GENIUS Act and CLARITY Act as examples, pointing out that rival financial centers are rapidly advancing digital asset policies. The consultation process will include the Bank of England, the Prudential Regulation Authority, the Financial Conduct Authority, industry representatives and other parties designated by the Treasury.
Government's response: Existing work has reached scale
The government argues that a large amount of digital asset-related work is already underway, including its wholesale financial market digitalization strategy and the nine action groups established under the leadership of wholesale digital market advocate Chris Woolard.
British regulators are also gradually strengthening formal supervision of crypto assets. The Financial Conduct Authority (FCA) has finalized its crypto rulebook covering authorization, custody, market abuse prevention and stablecoin requirements, while the Bank of England has established a separate systemic stablecoin framework for assets that may affect payments or financial stability.
Lawmakers who support Amendment 88 believe that while the independent efforts are progressing well, there is still a lack of an overall strategy that covers regulation, infrastructure, bank access and the broader digital asset economy.
The bill still needs to complete subsequent legislative processes
Currently, the amendment has become part of the Financial Services and Markets Act, but has not yet become law. The bill is still in the House of Lords, and the third reading is scheduled for September 15.
After all stages of deliberation in the House of Lords are completed, the bill must be referred to the House of Commons for detailed review by members of Parliament and suggestions for changes. If there are differences between the two houses, these differences need to be resolved before obtaining Royal Assent.
