This was revealed in the Commission’s 52nd annual report covering the period from April 1, 2017 to March 31, 2018. According to the report, a proposal to create an effective legal framework for smart contracts under UK law was part of the Commission’s Thirteenth Programme of Law Reform.
‘Promoting Global Britain’
The report lists out 14 areas of legal research approved for reform by former Lord Chancellor Rt Hon David Lidington MP, including automated vehicles, residential leaseholds, surrogacy and smart contracts.
A recommendation to look into creating a legal framework for smart contracts came about as a result of an indication from the Ministry of Justice in line with the Law Commission Act 2009. According to the report, the push to recognise and regulate smart contracts goes hand in hand with the UK government’s desire to “promote Global Britain in the field of legal services.”
It also states that the initial work on the research and policy formulation project started in Spring 2018, with the project set to fully commence in Summer 2018.
The definition of ‘smart contracts’ given in the report is a technology that runs on the blockchain through which legal contracts may be executed automatically, or at least in part…