UK House of Lords Supports Digital Asset Strategy with 194 Votes

The UK House of Lords passed an amendment on Wednesday with 194 votes in favor and 138 against, calling for the government to develop a digital asset strategy within 12 months after the Financial Services and Markets Bill comes into effect. The amendment was proposed by Conservative peer Baroness Neville-Rolfe, and the strategy will cover crypto assets, stablecoins, and tokenized securities, addressing issues related to innovation, consumer protection, and businesses' access to banking, payment, and settlement services. The relevant bill must be submitted to the House of Commons, where MPs can accept, amend, or reject the Lords' amendments. The UK Crypto Asset Business Council expressed support for the voting outcome. Previously, Lord Stockwood, the Minister for Investment at the Treasury, stated that the government already has a digital asset strategy in place and is executing it.

This content is provided for general informational purposes only and doesn't constitute financial, investment, legal, or tax advice. Any events, rewards, online promotions, or related information mentioned herein should not be considered a recommendation, solicitation, or invitation to purchase, sell, trade, or otherwise deal in any crypto assets. Crypto assets are highly volatile and may result in loss. The availability of WEEX services, products, and related events may vary by region. You are responsible for ensuring that your participation is in accordance with applicable local laws and regulations.