The UK House of Lords approved an amendment to the Financial Services and Markets Bill requiring the Treasury to develop a national strategy for regulating and developing digital assets and related financial-market infrastructure. The measure, moved by Conservative former Treasury minister Baroness Neville-Rolfe, passed by 194 votes to 138, with Conservative and Liberal Democrat peers supporting it against an almost unified Labour vote. If enacted, the Treasury would have to formulate, publish and consult on the strategy within 12 months of Royal Assent. The proposed framework spans cryptoassets, qualifying stablecoins, central bank digital currencies, tokenised securities and other digital financial assets. The vote comes as the Financial Conduct Authority prepares a cryptoasset regime scheduled to take effect on 25 October 2027, after opening its authorisation gateway on 30 September for applications through 28 February 2027. The amended bill returns to the House of Commons, which can accept, alter or reject the Lords' change.