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InvestmentsUK Law Commission affirms English and Welsh laws apply to smart contracts...

UK Law Commission affirms English and Welsh laws apply to smart contracts By Cointelegraph



The U.Okay. Law Commission, tasked with monitoring the laws within the United Kingdom and recommending reforms, has mentioned England and Wales don’t want statutory legislation reform for smart authorized contracts within the digital asset house.

In a Thursday announcement, the fee mentioned smart contracts constructed utilizing distributed ledger know-how are permissible inside England’s and Wales’ present authorized framework. The Law Commission beneficial solely “an incremental development of the common law” as wanted for current frameworks, but in addition inspired any events to smart contracts to clarify dangers relating to “the performance of the code” and some other needed phrases.