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ARTICLE · 17 DECEMBER 2019

Landmark Legal Statement On Cryptoassets And Smart Contracts

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On November 18, 2019, the U.K. Jurisdiction Taskforce (UKJT), one of six taskforces established by the LawTech Delivery Panel (set up by the U.K. government, the judiciary and the Law Society

United KingdomTechnology
Mark Dawkins
Mark Dawkins
Jenny Arlington
Jenny Arlington
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On November 18, 2019, the U.K. Jurisdiction Taskforce (UKJT), one of six taskforces established by the LawTech Delivery Panel (set up by the U.K. government, the judiciary and the Law Society to promote the use of technology in the legal sector) issued a legal statement to the effect that cryptoassets constituted property and smart contracts could constitute legally binding contracts (the “Statement”). This is the first authoritative step, in any jurisdiction, towards a formal recognition of the legal status of cryptoassets and smart contracts. The rationale behind the Statement was perceived uncertainty among market participants about the status and enforceability of these instruments under English law. The Statement to a large extent alleviates these concerns. It showcases the flexibility of the English judge-made common law system, which is capable of adapting to technological change without necessarily requiring legislative intervention. Although the Statement is

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