Global Economic Intersection
Advertisement
  • Home
  • Economics
  • Finance
  • Politics
  • Investments
    • Invest in Amazon $250
  • Cryptocurrency
    • Best Bitcoin Accounts
    • Bitcoin Robot
      • Quantum AI
      • Bitcoin Era
      • Bitcoin Aussie System
      • Bitcoin Profit
      • Bitcoin Code
      • eKrona Cryptocurrency
      • Bitcoin Up
      • Bitcoin Prime
      • Yuan Pay Group
      • Immediate Profit
      • BitQH
      • Bitcoin Loophole
      • Crypto Boom
      • Bitcoin Treasure
      • Bitcoin Lucro
      • Bitcoin System
      • Oil Profit
      • The News Spy
      • Bitcoin Buyer
      • Bitcoin Inform
      • Immediate Edge
      • Bitcoin Evolution
      • Cryptohopper
      • Ethereum Trader
      • BitQL
      • Quantum Code
      • Bitcoin Revolution
      • British Trade Platform
      • British Bitcoin Profit
    • Bitcoin Reddit
    • Celebrities
      • Dr. Chris Brown Bitcoin
      • Teeka Tiwari Bitcoin
      • Russell Brand Bitcoin
      • Holly Willoughby Bitcoin
No Result
View All Result
  • Home
  • Economics
  • Finance
  • Politics
  • Investments
    • Invest in Amazon $250
  • Cryptocurrency
    • Best Bitcoin Accounts
    • Bitcoin Robot
      • Quantum AI
      • Bitcoin Era
      • Bitcoin Aussie System
      • Bitcoin Profit
      • Bitcoin Code
      • eKrona Cryptocurrency
      • Bitcoin Up
      • Bitcoin Prime
      • Yuan Pay Group
      • Immediate Profit
      • BitQH
      • Bitcoin Loophole
      • Crypto Boom
      • Bitcoin Treasure
      • Bitcoin Lucro
      • Bitcoin System
      • Oil Profit
      • The News Spy
      • Bitcoin Buyer
      • Bitcoin Inform
      • Immediate Edge
      • Bitcoin Evolution
      • Cryptohopper
      • Ethereum Trader
      • BitQL
      • Quantum Code
      • Bitcoin Revolution
      • British Trade Platform
      • British Bitcoin Profit
    • Bitcoin Reddit
    • Celebrities
      • Dr. Chris Brown Bitcoin
      • Teeka Tiwari Bitcoin
      • Russell Brand Bitcoin
      • Holly Willoughby Bitcoin
No Result
View All Result
Global Economic Intersection
No Result
View All Result
Home Business

UK Law Commission Insists Welsh And English Laws Apply To Smart Contracts

John Wanguba by John Wanguba
November 25, 2021
in Business, Finance
0
0
SHARES
57
VIEWS
Share on FacebookShare on Twitter

The United Kingdom Law Commission, tasked with monitoring the laws in the UK and recommending reforms, has stated that Wales and England do not need any statutory law reform for the smart legal contracts that exist in the digital asset space.

United Kingdom Law Commission

In a November 25, 2021, official announcement, the commission stated that smart contracts created using distributed ledger technology (DLT) are permissible within England’s and Wales’ current legal infrastructure.

The Law Commission suggests that only “an incremental development of the common law” is the needed remedy for the current networks. But, it also encouraged all parties to smart contracts to explain the risks related to “the performance of the code” and any other important terms.

Interestingly, this commission stated that the conclusions created on those settled upon by the United Kingdom Jurisdiction Taskforce that recognized smart contracts to be enforceable agreements in 2019 under local legislation and labeled cryptocurrency assets as tradable property.

Buy Crypto Now

United Kingdom Reviews All Emerging Technologies

Nonetheless, the group stated that it wants to work with the United Kingdom government on a project studying all possible conflicts of laws about emerging technology in 2022. Their announcement stated:

“The Law Commission’s analysis demonstrates the flexibility of the common law to accommodate technological developments, particularly in the context of smart legal contracts. It confirms that the jurisdiction of England and Wales provides an ideal platform for business and innovation.”

“As smart legal contracts become increasingly prevalent, the Commission anticipates that the market will develop established practices and model clauses that parties can use to simplify the process of negotiating and drafting their smart legal contracts.”

Determining what regulations and laws apply to the emerging markets, including blockchain and cryptos has majorly been limited to individual governments despite them seeming to require infrastructure in cross-border transactions and many other actions that affect more than just a single country.

Some operators in both the private and public industries have alleged that regulatory crackdowns and oversights will eventually benefit the crypto sector. But, others believe that regulators need to adapt the existing infrastructure that powers the digital assets and not vice versa.

Tags: blockchaincryptocryptocurrencydistributed ledger technologyDLTfinancegovernmentinnovationlawregulationsmart contractsthe UKUnited Kingdom Law Commission
Previous Post

Russians Transact $5 Billion In Crypto Annually – Bank Of Russia

Next Post

The Crypto-Trading Hamster, Mr Goxx, Dies

Related Posts

Canada's Banking Regulator Reiterates Creditor Hierarchy After Credit Suisse Deal Riled Bondholders
Business

Canada’s Banking Regulator Reiterates Creditor Hierarchy After Credit Suisse Deal Riled Bondholders

by John Wanguba
March 25, 2023
Content Moderators Take Meta To Court Over Alleged 'Union-Busting' In Kenya
Business

Content Moderators Take Meta To Court Over Alleged ‘Union-Busting’ In Kenya

by John Wanguba
March 25, 2023
What Are AT1 Bonds And Why Are Credit Suisse’s Depleted?
Business

What Are AT1 Bonds And Why Are Credit Suisse’s Depleted?

by John Wanguba
March 25, 2023
U.S. Bank Crisis 'Unlikely' To Spill Into Canada, Analysts Say
Economics

U.S. Bank Crisis ‘Unlikely’ To Spill Into Canada, Analysts Say

by John Wanguba
March 24, 2023
Is A Global Tin Shortage Looming?
Business

Is A Global Tin Shortage Looming?

by John Wanguba
March 24, 2023
Next Post
The Crypto-Trading Hamster, Mr Goxx, Dies

The Crypto-Trading Hamster, Mr Goxx, Dies

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Browse by Category

  • Business
  • Econ Intersect News
  • Economics
  • Finance
  • Politics
  • Uncategorized

Browse by Tags

adoption altcoins bank banking banks Binance Bitcoin Bitcoin adoption Bitcoin market Bitcoin mining blockchain BTC business China crypto crypto adoption cryptocurrency crypto exchange crypto market crypto regulation decentralized finance DeFi Elon Musk ETH Ethereum Europe FTX inflation investment market analysis Metaverse mining NFT nonfungible tokens oil market price analysis recession regulation Russia stock market technology Tesla the UK the US Twitter

Archives

  • March 2023
  • February 2023
  • January 2023
  • December 2022
  • November 2022
  • October 2022
  • September 2022
  • August 2022
  • July 2022
  • June 2022
  • May 2022
  • April 2022
  • March 2022
  • February 2022
  • January 2022
  • December 2021
  • November 2021
  • October 2021
  • September 2021
  • August 2021
  • July 2021
  • June 2021
  • May 2021
  • April 2021
  • March 2021
  • February 2021
  • January 2021
  • December 2020
  • November 2020
  • October 2020
  • September 2020
  • August 2020
  • July 2020
  • June 2020
  • May 2020
  • April 2020
  • March 2020
  • February 2020
  • January 2020
  • December 2019
  • November 2019
  • October 2019
  • September 2019
  • August 2019
  • July 2019
  • June 2019
  • May 2019
  • April 2019
  • March 2019
  • February 2019
  • January 2019
  • December 2018
  • November 2018
  • October 2018
  • September 2018
  • August 2018
  • July 2018
  • June 2018
  • May 2018
  • April 2018
  • March 2018
  • February 2018
  • January 2018
  • December 2017
  • November 2017
  • October 2017
  • September 2017
  • August 2017
  • July 2017
  • June 2017
  • May 2017
  • April 2017
  • March 2017
  • February 2017
  • January 2017
  • December 2016
  • November 2016
  • October 2016
  • September 2016
  • August 2016
  • July 2016
  • June 2016
  • May 2016
  • April 2016
  • March 2016
  • February 2016
  • January 2016
  • December 2015
  • November 2015
  • October 2015
  • September 2015
  • August 2015
  • July 2015
  • June 2015
  • May 2015
  • April 2015
  • March 2015
  • February 2015
  • January 2015
  • December 2014
  • November 2014
  • October 2014
  • September 2014
  • August 2014
  • July 2014
  • June 2014
  • May 2014
  • April 2014
  • March 2014
  • February 2014
  • January 2014
  • December 2013
  • November 2013
  • October 2013
  • September 2013
  • August 2013
  • July 2013
  • June 2013
  • May 2013
  • April 2013
  • March 2013
  • February 2013
  • January 2013
  • December 2012
  • November 2012
  • October 2012
  • September 2012
  • August 2012
  • July 2012
  • June 2012
  • May 2012
  • April 2012
  • March 2012
  • February 2012
  • January 2012
  • December 2011
  • November 2011
  • October 2011
  • September 2011
  • August 2011
  • July 2011
  • June 2011
  • May 2011
  • April 2011
  • March 2011
  • February 2011
  • January 2011
  • December 2010
  • August 2010
  • August 2009

Categories

  • Business
  • Econ Intersect News
  • Economics
  • Finance
  • Politics
  • Uncategorized
Global Economic Intersection

After nearly 11 years of 24/7/365 operation, Global Economic Intersection co-founders Steven Hansen and John Lounsbury are retiring. The new owner, a global media company in London, is in the process of completing the set-up of Global Economic Intersection files in their system and publishing platform. The official website ownership transfer took place on 24 August.

Categories

  • Business
  • Econ Intersect News
  • Economics
  • Finance
  • Politics
  • Uncategorized

Recent Posts

  • Is Cardano A Good Investment In 2023?
  • Canada’s Banking Regulator Reiterates Creditor Hierarchy After Credit Suisse Deal Riled Bondholders
  • Content Moderators Take Meta To Court Over Alleged ‘Union-Busting’ In Kenya

© Copyright 2021 EconIntersect - Economic news, analysis and opinion.

No Result
View All Result
  • Home
  • Contact Us
  • Bitcoin Robot
    • Bitcoin Profit
    • Bitcoin Code
    • Quantum AI
    • eKrona Cryptocurrency
    • Bitcoin Up
    • Bitcoin Prime
    • Yuan Pay Group
    • Immediate Profit
    • BitIQ
    • Bitcoin Loophole
    • Crypto Boom
    • Bitcoin Era
    • Bitcoin Treasure
    • Bitcoin Lucro
    • Bitcoin System
    • Oil Profit
    • The News Spy
    • British Bitcoin Profit
    • Bitcoin Trader
  • Bitcoin Reddit

© Copyright 2021 EconIntersect - Economic news, analysis and opinion.

en English
ar Arabicbg Bulgarianda Danishnl Dutchen Englishfi Finnishfr Frenchde Germanel Greekit Italianja Japaneselv Latvianno Norwegianpl Polishpt Portuguesero Romanianes Spanishsv Swedish