HomeNewsUK Law Commission confirms that smart contracts are governed by English and Welsh law.
UK Law Commission confirms that smart contracts are governed by English and Welsh law.
The U.K. Law Commission, tasked with monitoring the laws in the United Kingdom and recommending reforms, has said England and Wales do not need statutory law reform for smart legal contracts in the digital asset space.
In a Thursday announcement, the commission said smart contracts built using distributed ledger technology are permissible within England’s and Wales’ current legal framework.
The commission said the conclusions built on those reached by the U.K. Jurisdiction Taskforce, which in 2019 recognized smart contracts as enforceable agreements under local laws in addition to labeling crypto assets as tradeable property.