The UK Jurisdiction Taskforce of the Lawtech Delivery Panel has reportedly introduced a public statement, primarily aims to define the status for distributed ledger technology (DLT) and smart contracts.
Reported by Tech Nation on November 19, the paper looks to provide more clarity to the legal status of digital coins, and re-defines crypto assets as tradeable property, and smart contracts as agreements that can be enforced, under law in England and Wales.
Jenifer Swallow – head of the Lawtech Delivery Panel – revealed that the global smart contract market has the potential to achieve the $300 million benchmark by 2023, and the World Economic Forum believed that blockchain would be the preferred platform for storage of 1/10th of the world’s GDP by 2027.
Because of this reason, Swallow thought that it is crucial to provide regulatory guidance for these techs.
“It is great to see the adaptability of our common law system to fast-changing technology, demonstrated in this landmark legal statement from the UKJT. Tech Nation is excited to work with the Lawtech Delivery Panel on leading initiatives such as this, to support business growth, clarity in law and the evolution of new tech.”
Tech Nation revealed that the failure in establishing appropriate regulations is the biggest reason slowing down the adoption rate of digital coins and smart contracts. The above-mentioned paper is the newest initiative in handling this matter.
The document will help set up the basic grounds for the mainstream adoption of crypto assets and smart contracts across the UK region, along with offering a strategic edge for UK-based blockchain firms.