UK Law Commission affirms English and Welsh laws apply to smart contracts
“The Law Commission’s analysis demonstrates the flexibility of the common law to accommodate technological developments, particularly in the context of smart legal contracts,” said the announcement. The U.K. Law Commission, tasked with monitoring the laws in the United Kingdom and recommending reforms, has said England and Wales do not need statutory law reform for smart legal contracts in the digital asset space.In a Thursday announcement, the commission said smart contracts built using distributed ledger technology are permissible within England’s and Wales’ current legal framework. The....
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