The UK House of Lords voted 194 in favor of establishing a digital asset strategy

Odaily reports that the UK House of Lords on Wednesday passed an amendment by a vote of 194 in favor to 138 against, requiring the government to formulate a digital asset strategy, despite opposition to the measure from the ruling Labour Party.

The amendment, proposed by Conservative peer Baroness Neville-Rolfe, requires the UK Treasury to formulate, publish, and seek consultation on the strategy within 12 months after the Financial Services and Markets Act takes effect.

The strategy will cover crypto assets, stablecoins, and tokenized securities, and address issues including innovation, consumer protection, and enterprises' access to banking, payment, and settlement services. The related bill still needs to be submitted to the House of Commons, where lawmakers may accept, amend, or reject the Lords' amendments.

The UK Cryptoasset Business Council expressed support for the vote result. Previously, Lord Stockwood, the UK Treasury's Minister for Investment, had stated that the government already has a digital asset strategy and is implementing it. (Cointelegraph)