UK Jurisdiction Taskforce of LawtechUK Publishes Rules for Dispute Resolution for Crypto, Blockchain
The
Sir Geoffrey Vos, Master of the Rolls, has published its
Digital Dispute Resolution Rules addressing legal disputes relating to digital technology such as crypto assets, smart contracts, and blockchain applications.
The document was drafted following a consultation with lawyers, technical experts and other interested parties.
The Taskforce notes that the new rules allow parties to resolve their disputes by an arbitrator, rather than by a judge in court.
In November 2019 the UKJT published a legal statement on the status of cryptoassets and smart contracts under English and Welsh law. The legal statement was described as a significant step by the UK towards legal certainty for blockchain technology and crypto-assets.
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Groundbreaking rules published to enable rapid resolution of blockchain and crypto legal disputes, as worldwide smart contract market expected to reach $345.4 million by 2026[1]
Rules published today by Government-backed UK Jurisdiction Taskforce at LawtechUK will address uncertainty, encourage fast resolution of disputes, and foster increased confidence for businesses in adoption of digital technology including blockchain, crypto assets and smart contracts
UK legal infrastructure continues to be world leading following publication in November 2019 of UKJT s legal statement on the status of digital assets and smart contracts under English and Welsh law
Smart contract market predicted to reach $345.4 million by 2026
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The
Digital Dispute Resolution Rules are being promoted by LawtechUK initiative s UK Jurisdiction Taskforce, chaired by Sir Geoffrey Vos, master of the rolls. They are designed to enable faster and more cost effective resolutions to disputes relating to novel digital technology such as crypto assets, smart contracts and blockchain applications.
Such innovations, which include cryptocurrencies such as Bitcoin, are based on cryptographic techniques for recording transactions in a way that cannot be altered. Their use is rapidly becoming commonplace in business: the taskforce today cited JP Morgan s adoption of contracts that automatically process transactions without the need for a third-party. The global smart contract market is expected to be worth $345.4 million by 2026.