The Law Commission Believes That The Laws of England and Wales May Apply To Smart Contracts
The Law Commission said current law in England and Wales may apply to smart contracts. In the Commission's view, major changes to the existing legal framework are not required to enforce smart contracts – except in some situations where only minor changes to common law may be required.
The Law Commission is finalizing work on smart legal contracts as part of its Thirteenth Program of Law Reform. The statement also confirms the findings already reached by the UK Jurisdiction Task Force on Cryptocurrencies and Smart Legal Contracts in November 2019.
Common law is flexible enough to accommodate new technologies such as smart contracts, according to the Law Commission. Thus, the commission stated that the jurisdiction of England and Wales is ideal for business and innovation.
The Law Commission also stated, as part of its conclusion, that more research is needed in the area of conflict resolution arising from smart contracts and new technologies in general. The commission agreed that some types of smart contracts will have their own unique legal challenges.
Image: The Law Society Gazette
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