The UK Jurisdiction Taskforce of the LawTech Delivery Panel today released a statement to recognise the legal treatment of cryptoassets and smart contracts.
The Panel has concluded that:
- Cryptoassets, can be treated in principle as property; and
- Smart contracts are capable of satisfying the requirements of contracts in English law and are thus enforceable by the courts.
The statement is welcome and provides legal certainty in this growing sector.