The U.K. Law Commission began work on reforming the legal system in order to introduce smart contracts to the widespread use. The agency's working paper says that research on this topic will begin before the end of summer.
The Law Commission is an independent agency created by the country's parliament. Its main task is to recommend legal reforms. In December 2017, the agency published a report that indicated 14 areas for legislative reform, including smart contracts usage. A new study can take up from 9 to 18 months to conclude. One of the main topics on which it will concentrate is the data protection law.
In early July, the United Kingdom, together with the United States, Australia, Canada and the Netherlands, cooperated in a new alliance to combat crime in the cryptocurrency area.
Digital assets are being actively studied in the country since 2015. At the end of 2017 it was reported that Britain could introduce its own cryptocurrency. In May, the state entered the top 10 of the most friendly countries in Europe with respect to digital currencies.
WHY IS IT IMPORTANT?
The aim of the study is to provide flexibility and indisputability of the law that will be applied globally. According to the сommission, the legal system of the country needs to be adapted to new technologies, so that the UK would be attractive for business in this market.
Authors of the previous study on smart contracts note the advantage of the tool, highlighting the increased level of trust and efficiency of transactions between companies.
By Ekaterina Ulyanova