You can see the rules and regulations in other jurisdictions.
Blockchain technology is not explicitly regulated in Austria. The FMA considers the current legislation to be technology neutral.1
At present, there is no pre-set legal structure for self-executing contracts ('if this then that' - IFTTT). These must be incorporated into the Austrian civil law regulations around contract formation, rights and liabilities, implementation and potential termination. Employing smart contracts can bring with it a number of legal doubts: from picking an applicable law and the jurisdiction in case of controversy, to contemplating warranties and the possibility of undoing a transaction.1
Smart contracts appear to be suitable instruments for executing certain transactions agreed off-chain (for example, a smart contract to sell and buy tokens). In this case, the smart contract itself does not establish the obligation, but rather the automation of the smart contract (IFTTT) enables automatic settlement.1
If one is looking to enforce a claim based on a contract in Austria, it must be proven that the other party entered into the agreement. It's not clear how such proof could be shown in the case of self-executing contracts (smart contracts), indicating that more research is necessary to learn how to prove the identity of those involved. An electronic signature may prove useful in this regard.1
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