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ARTICLE · 14 JULY 2021

UKJT Consults On New Digital Dispute Resolution Rules For FinTechs

Osborne Clarke
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The UK Jurisdiction Taskforce (UKJT) has proposed a new, faster and more flexible approach to dispute resolution tailored for disputes arising from new technologies, including digital assets, FinTech, distributed ledger technology, ...

United KingdomLitigation, Mediation & Arbitration
Mark Taylor
Mark Taylor
Greg Fullelove
Greg Fullelove
Charles Crowne
Charles Crowne
Dawn Troman
Dawn Troman
Ian McKenzie
Ian McKenzie
Daniel Harrison
Daniel Harrison
Nick Price
Nick Price

The UK Jurisdiction Taskforce (UKJT) has proposed a new, faster and more flexible approach to dispute resolution tailored for disputes arising from new technologies, including digital assets, FinTech, distributed ledger technology, blockchain and smart contracts.

A couple of years back, there was talk of uncertainty about the legal status of cryptoassets and the lack of a simple dispute resolution process for on-chain systems, both of which had dampened investment in the space. Certainty in those areas, so the argument went, would be transformational and give confidence to investors and other market participants. Well, in late 2019, the UKJT published its Legal Statement on Cryptoassets and Smart Contracts, which has now been quoted by courts in the UK, Singapore and New Zealand as part of the ongoing developments around the legal status of cryptoassets. The "Digital Dispute Resolution Rules" is a new proposal from the UKJT which aims to address the second of those

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