Laws issued by the Legal Action Committee and approved by the UK Government can clarify legal conflicts in the cryptocurrency market.
Published by the UK Legal Action Committee with the support of the UK Government Regulation, Which aims to clarify legal issues in the crypto market.
Sir Jeffrey Voss, head of the Civil Judiciary, heads the judicial system in Latek UK UK and Wales.
The rules are designed to resolve legal disputes related to blockchain technology, digital devices and smart contracts quickly and cost-effectively.
“I am pleased to present the release of the UK Legal Action Committee on Pioneer Digital Dispute Resolution Rules” – He said Voss added in his press release: “The purpose of the regulation is to provide a smooth process for resolving digital conflicts quickly and cost-effectively.”
What do the rules achieve?
These rules are aimed at giving global businesses more confidence in the use of digital technologies such as blockchain.
Latech UK’s UK Jurisdiction Working Group today released ground breaking digital dispute resolution rules to facilitate quick and cost-effective dispute resolution in the digital world. #LawtechUK #UKJThttps://t.co/YIdmGWFbPS
– Latech UK (wlawtech_uk) April 22, 2021
An important aspect of the rules is that instead of the current official judge, it provides an arbitrator for the parties in the event of a dispute – which has proven to be a costly and time consuming process in the past.
In addition, the announcement aims to put the UK at the forefront of the smart contract market, with estimates that the rules will reach $ 345 million by 2026.
“Dispute resolution methods need to keep pace. Digital dispute resolution rules are one step in this process, laying the foundation for the widespread adoption of these technologies and technologies that are compatible with those currently available and still under development.” Said Lottek UK Director Jennifer Swallow.
This is not the first time the island nation has taken the legal status of emerging technologies so seriously.
In 2019, the UK Legal Action Committee Published A Legal Report on the Status of Cryptographic Devices and Smart Contracts, in which cryptographic instruments are interpreted as tradeable assets and smart contracts are enforceable contracts, thus resolving the legal uncertainty surrounding them.
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