UK House of Lords Votes for Mandatory Digital Asset Strategy
House of Lords Approves Digital Asset Strategy Requirement
On September 10, 2026, the UK House of Lords voted to require the government to create a digital asset strategy. The amendment passed with 194 votes in favor and 138 against.
The strategy must be developed within 12 months of the Financial Services and Markets Bill becoming law. It covers cryptoassets, stablecoins (digital currencies tied to stable assets), and tokenized securities.
Key Points from the Amendment
- The Treasury must prepare, publish, and consult on the strategy.
- It addresses innovation, consumer protection, and firms' access to banking and payment services.
- The amendment was introduced by Conservative peer Baroness Neville-Rolfe.
Official Amendment Details
The amendment, known as Amendment 88, was added to the Financial Services and Markets Bill during its Report Stage. The bill is part of broader changes to the UK's financial services regulatory framework.
Government Opposition and Industry Reaction
The ruling Labour party opposed the amendment, believing it did not adequately address rapid digital asset development. Earlier, Treasury Minister Lord Stockwood said the government already had a digital asset strategy.
The UK Cryptoasset Business Council, which worked with lawmakers, welcomed the vote. Lord Chris Holmes raised the question of whether the UK is regulating digital assets or building a digital assets economy.
Next Steps in the Legislative Process
The bill must now return to the House of Commons, where lawmakers can accept, amend, or reject the changes made by the Lords.
