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Law Commission: England and Wales laws can apply to smart contracts

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Aliens

Thu, Nov 25, 2021

The Law Commission today stated that English and Welsh laws should apply to smart contracts. According to the committee, the implementation of smart contracts does not require large-scale changes to the existing legal framework—except in some cases where minor modifications may be necessary to the common law. Today's announcement concludes the committee's work on smart legal contracts as part of its thirteenth legal reform plan. The statement also confirmed the conclusion reached by the UK Jurisdiction Working Group on cryptocurrency and smart legal contracts in November 2019. Note: The Law Commission is an independent statutory body established under the Law Commission Act of 1965, which is responsible for reviewing the laws of England and Wales and making reform proposals when necessary.

According to the Law Committee, common law is flexible enough to accommodate emerging technologies such as smart contracts. Therefore, the committee stated that the jurisdiction of England and Wales is ideal for business and innovation. The Legal Committee also called on market participants to take proactive measures to foresee the proliferation of smart legal contracts. These preliminary clauses include creating risk clauses to explain smart contracts' performance and establishing agreements to understand the connection between natural and computer language in smart legal contracts.

However, the Legal Committee also pointed out that as part of its conclusions, more research is needed in ​​conflict resolution caused by smart contracts and general emerging technologies. In its recommendations to the government, the committee agreed that certain types of smart contracts would have their unique legal issues. At the same time, the Legal Committee is also studying the regulation of cryptocurrencies and digital assets, focusing on property rights, whether tangible or intangible.

Source: The Blockcrypto

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