The proposal requires the Treasury to prepare, publish, and discuss a plan within 12 months. The implementation period begins after the Financial Services and Markets Act comes into force. The strategy will cover cryptoassets, stablecoins, and tokenized assets. In addition, it will also address innovation and companies’ access to banking, payments, and settlement services.
The motion was supported by 194 votes to 138, despite opposition from the Labour government. They argue that amendments to existing laws do not fully take into account the sector’s development. Labour insists on a full regulatory framework. However, the proposal has not yet been adopted. It will be sent back to the House of Commons for approval of the Lords’ amendments.