UK House of Lords Passes Amendment to Require National Digital Asset Strategy

The UK House of Lords has approved an amendment with 194 votes in favor and 138 against, urging the government to establish a national digital assets strategy. The amendment stipulates that the Treasury must develop and publish a national digital asset strategy within 12 months after the Financial Services Market Act comes into effect, followed by a public consultation process. The strategy will cover cryptocurrencies, stablecoins, central bank digital currencies (CBDCs), tokenized securities, and other digital financial assets. The bill, including this amendment, is set to proceed to the House of Commons after its third reading in the House of Lords on September 15 (local time).