You can see the rules and regulations in other jurisdictions.
Smart contracts are recognised under English law and the typical principles of contracts apply. This was initially indicated by the UK Jurisdiction Taskforce in 2019, followed by a formal confirmation from the Law Commission's advice to government in November 2021. There remain, however, some questions yet to be answered regarding accountability and representation; but even though certain types of intelligent legal contracts may create novel legal issues and fact patterns, current laws are capable of embracing them.1
When it comes to blockchain technologies, a patent for spreadsheets cannot be obtained, and only an actual technical effect is accepted; thus copyright is the most accessible form of protection. Both proprietary and open-source aspects may benefit from copyright licensing. Oftentimes, underlying blockchain technologies have open-source code bases, yet those who use them to create further developments might want to ensure their inventions are guarded by more commercialised protections, such as copyright or patent licensing.1
Client identification in the UK
Comprehensive legal services for businesses on corporate, tax law, cryptocurrency legislation, investment activities
We provide legal and organizational services for the creation, structuring and development of fintech companies
International law firm authorised by the UK Solicitors Regulation Authority
