Every lawyer needs to know about crypto

A new report came out this week offering guidance on the legal and regulatory aspects of the technologies underpinning what is becoming known as Web3.

Sir Geoffrey Vos, a leading judge and Master of the Rolls said:

“Major developments are imminent. They will mean that every lawyer will require familiarity with the blockchain, smart legal contracts and cryptoassets”.

There’s actually an entertaining range of comments (largely anonyomous) on the report in the Law Society Gazette which highlight the difficulties that lawyers perceive they will face. One said:

“I really don’t think I’ll need to know much about “blockchain, smart legal contracts and cryptoassets” when I next do a case at Wigan Magistrates’ Court!”

In fact, we suspect he (or she) might be precisely the sort of lawyer who may need an understanding of the technology which is as open to criminal activity as any other aspect of modern life.

The one we like the most says:

“If you think this is just about bitcoin then wake up everybody, it’s coming.. and fast.”

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