UK Law Commission affirms English and Welsh laws apply to smart

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 Law Commission recommended only “an incremental development of the common law” as needed for existing frameworks, but also encouraged any parties to smart contracts to explain risks relating to “the performance of the code” and any other necessary terms.

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