Linklaters FAQs on the UKJT Legal Statement
The UK Jurisdiction Taskforce (UKJT), one of the six taskforces of the LawTech Delivery Panel, an industry-led group that is tasked with supporting the digital transformation of the UK legal services sector, has published a legal statement on the status of cryptoassets and smart contracts under English and Welsh law, providing legal certainty for the first time.
Providing legal certainty on the status of cryptoassets and smart contracts under English and Welsh law for the first time, the landmark statement recognises the asset class as property and smart contracts as enforceable. The influential statement is a critical step in the future application of private law to transactions involving cryptoassets.
We have summarised what we consider to be the key takeaways from the legal statement in our FAQ publication. These summaries have been prepared by the core Linklaters team involved in supporting the UKJT on this project, being Michael Voisin, Global Head of Capital Markets, Richard Hay (who represents Linklaters on the UKJT), and Sam Quicke, Associate.
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These FAQs expand on an abridged version.