The UK House of Lords voted to require the Treasury to prepare and publish a national strategy for regulating digital assets, cryptoassets, stablecoins, tokenized securities, and digital financial infrastructure. The amendment passed 194 to 138 on Wednesday, September 11, 2026.
The measure, titled “Digital assets strategy,” forms part of the Financial Services and Markets Bill. Baroness Neville-Rolfe, a Conservative former Treasury minister, backed the amendment. The vote represents a legislative defeat for the government on the regulatory framework question.
The UK regulatory landscape has shifted rapidly in recent months. The Financial Conduct Authority finalized its regulatory framework for cryptoassets in June 2026. An authorization gateway for firms seeking FCA approval opened on September 30, 2026, with applications set to close on February 28, 2027. The FCA’s full regulatory regime is due to take effect on October 25, 2027.
Britain has lagged behind international peers on digital asset regulation. The European Union’s Markets in Crypto-Assets regulation applied to service providers starting December 30, 2024. In the United States, the GENIUS Act, which established a federal framework for dollar-backed tokens, was signed into law in July 2025. The US House also cleared the Clarity Act in July 2025 with a 294-134 vote, though the bill remains stalled in the Senate over disagreements on DeFi provisions, stablecoin yield mechanisms, and ethics rules.
The House of Lords amendment does not specify what content the Treasury strategy must contain or what enforcement mechanisms apply if the department fails to comply.
