en

Fintech Market Overview

This article does not constitute legal advice.

Smart contracts in the UK

Fintech Software

Self-executing, or 'smart' contracts are permitted under English law, and the usual legal framework for contracts applies to them. This was stated in principle by the UK Jurisdiction Taskforce in 2019 and has since been confirmed by the Law Commission's advice to government in November 2021. There are a few legal questions that are still unanswered, especially around liability and agency; however, although some types of smart legal contract may give rise to novel legal issues and factual scenarios, existing legal principles can accommodate them.1

Turning to blockchain technologies, similar issues are encountered: patent protection for spreadsheets is not available, and there will need to be some actual technical effect, similar to software-enabled inventions. Copyright is the most common form of protection for blockchain, both proprietary and open-source. The basic building blocks of many blockchain technologies are open-source software codes, but those building on top of the originating technologies may want to protect their inventions through more commercial protections, such as more restrictive copyright and patent licensing.1

Client identification in the UK

Fintech in the UK

Fintech in other countries

Let's introduce you

UK Fintech Lawyers

Maxim Minaev

Maxim Minaev

We provide legal and organizational services for the creation, structuring and development of fintech companies

Denis Polyakov

Denis Polyakov

Comprehensive legal services for businesses on corporate, tax law, cryptocurrency legislation, investment activities

Dr Irena Dajkovic

Dr Irena Dajkovic

International law firm authorised by the UK Solicitors Regulation Authority

Notes
  1. https://thelawreviews.co.uk/title/the-financial-technology-law-review/spain
Offer for startups

Fast start for $5K

You can launch your platform by paying $5000 initially and the rest after 6 months if your business grows