In a report just published on smart contracts, the Law Commission, which advises the government has confirmed that the existing laws of England and Wales are able to accommodate and apply to smart contracts. It says there’s no need for statutory reform.
In a statement published on 25 November 2021, the Commission noted that, in some contexts, an incremental development of the common law is all that is required to facilitate the use of smart legal contracts within the existing legal framework.
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.
More on smart contracts and how they work here.