The United Kingdom adopts an amendment for a national strategy on digital assets

The House of Lords voted for an amendment to the Financial Services and Markets Bill, requiring the UK Treasury to develop a national strategy on digital assets within twelve months of the text coming into force. The vote took place with 194 votes in favor and 138 against. The amendment, led by Conservative peer Baroness Neville-Rolfe, was adopted despite opposition from the Labour government, which argued that an existing action plan was already in place. The future strategy will need to address the regulation of cryptocurrencies, stablecoins, tokenization, and access to banking services for the sector. The UK seeks not to fall behind the European Union, which has already implemented the MiCA regulation, and the United States, where the CLARITY Act is under discussion. The bill must now return to the House of Commons for possible amendments. The UK Cryptoasset Business Council welcomed the vote, raising the question of the need to build a competitive economy around digital assets.