the UK to review legislation for the introduction of smart contracts in the legal field

Commission UK Law Commission announced Thursday the intention to study the laws on the blockchain to provide recommendations on a transparent and clear legal framework for the innovative technology of smart contracts.

As reported by an independent Agency, established by the British Parliament to make recommendations on legal reforms, the Commission has previously examined the associated with bloccano the law and find yourself in need of reform — to ensure sufficient flexibility of the regulatory measures in the context of digitalization.

The Commission recognizes the importance of smart technology contracts to increase “trust and confidence” that can contribute to increase of effectiveness of various business processes. According to independent agencies, UK legislation needs to be adapted to changing technological environment that the country remained attractive for business:

“For the British judicial system and laws it is important to remain competitive for business. The Commission therefore considers it appropriate to examine the existing law of great Britain, from the point of view of applicability to smart contracts”

Earlier this year the Commission published a report stressing the importance of smart contracts for business development, after receiving feedback from the public. At that time, the Commission wondered how smart contracts interact with legislation on contractual obligations and data protection.

According to data from consulting company PwC, in 2018-the year the British territories came out in the top sheet on the volume ICO. One of the largest kryptomere in the world, Huobi, in April opened an office in London and expansion into international markets.

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