UK Law Commission Begins Studying Smart Contract
On the 19th of July, the yearly report was released by the UK Law Commission which contained all its yearly progress between 2017 and 2018. A part of the review published this year explored EDCC’s, also known as smart or digital contracts. As these contracts have quickly risen in popularity due to heavy media coverage and development of the technology, the commission believes that smart contracts will see much more facilitation of lawful contracts by companies.
In the report, several topics were included as part of the firm’s yearly research and development. In regards to smart contracts, it explained how vital it was to secure British law and courts continue being a viable choice of competition for any business within the kingdom. In light of this, the study states the importance of researching and overlooking today's legalities within the UK and adjust according to adopt digital contracts into the legal structure.
The report highlighted an up and coming project, stating that the new research would explore and guarantee that UK law is positively capable and adaptable internationally and digitally and to oversee any situations lacking transparency and raising concerns in regards to smart contracts. The project is expected to begin as soon as the first phase of research has already begun.
UKLC had previously mentioned EDCCs in their report from last year, stating that the authority will ensure that current law complies, adapts and supports emerging technology, including self-driven vehicles and digital contracts. Anti-money laundering was also another topic tackled in the latest report and the law authority has explained that today’s laws are consistently motivated a large number of illicit activities with almost no important value whatsoever.
As a constant light is shone on cryptocurrency money laundering activities, the Law Commission maybe under heavy monitoring by the commission. However, the latest report has not yet been released and it’s expected to be published by the end of 2018.
Research into cryptocurrency regulations by the UK started at the beginning of 2018. The FCA stated that crypto-derivatives may see classification as monetary tools. An investigation was also started at the end of May, with authorities investigating 24 companies involved in cryptocurrency.