The UK Jurisdiction Taskforce of the Lawtech Delivery Panel has published a legal statement on the status of cryptoassets and smart contracts under English and Welsh law.
Chancellor of the High Court Sir Geoffrey Vos explains the important legal distinctions laid out in the legal statement on cryptoassets and smart contracts and celebrates the brevity and readability of the "world-leading" document.
Read more: https://t.co/86j9R8mDTY pic.twitter.com/FZKqx3jncN
— Tech Nation (@TechNation) November 18, 2019
The landmark statement seeks to address legal uncertainty by recognising cryptoassets as tradable property and smart contracts as enforceable agreements under English law.
Download the full legal statement here.
Source: TechNation
Lobbying group TheCityUK welcomed the statement:
UK moves to give legal certainty for smart contracts and cryptocurrencies https://t.co/dfcrkrvVLn #LawTech pic.twitter.com/2JalpTCwti
— TheCityUK (inactive) (@TheCityUK) November 18, 2019
Gary Campkin, Managing Director, External Relations & Strategic Issues, TheCityUK, said:
“Today’s legal statement clarifying the status of cryptoassets and smart contracts under UK law will give market participants and investors the certainty they need to innovate at the cutting edge of this new technology and approach to business relationships. This announcement is a prime example of why English law remains the preferred law of business around the world – used in over 40% of all global corporate arbitrations. The UK judiciary continues to support innovation while providing deep expertise and a rigorous and fair legal framework within which companies and investors can feel confident to operate.”
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