CRYPTOASSETS AND SMART CONTRACTS VALID IN ENGLISH LAW

On 18th November, the Law Society Gazette reported on an authoritative legal statement published by the UK jurisdiction taskforce of the LawTech Delivery Panel.  It says that cryptoassets, including but not restricted to, virtual currencies, can be treated in principle as property, and that smart contracts are capable of satisfying the requirements of contracts in English law.

https://www.lawgazette.co.uk/law/cryptoassets-and-smart-contracts-valid-in-english-law/5102211.article

The statement itself can be found at –

https://technation.io/about-us/lawtech-panel/

Eversheds Sutherland comments on the guidance, having taken part in the process, and saying that perhaps the most welcome aspect of the Report is as regards the recognition that a private key can be a signature.

https://www.eversheds-sutherland.com/global/en/what/articles/index.page?ArticleID=en/Financial_services/ukjt-crypto-181119

This blog is primarily for my own use, to keep informed and up to date. However, if you would like to say thank you (and perhaps help me get a new, better laptop when I am away…) you can “buy me a coffee” at https://www.buymeacoffee.com/KoIvM842y

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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