Linklaters FAQs on the UKJT Legal Statement

The UK Jurisdiction Taskforce (UKJT), one of the six taskforces of the LawTech Delivery Panel, an industry-led group that is tasked with supporting the digital transformation of the UK legal services sector, has published a legal statement on the status of cryptoassets and smart contracts under English and Welsh law, providing legal certainty for the first time.

Providing legal certainty on the status of cryptoassets and smart contracts under English and Welsh law for the first time, the landmark statement recognises the asset class as property and smart contracts as enforceable. The influential statement is a critical step in the future application of private law to transactions involving cryptoassets.

We have summarised what we consider to be the key takeaways from the legal statement in our FAQ publication.
 
These FAQs expand on an abridged version.
 
Linklaters played a key role in the project, leading the drafting of a consultation paper published in May 2019 and running a public event in June 2019 which sought input from market participants on the principal issues of perceived legal uncertainty relating to these new technologies, as well as providing input on the legal statement itself.
 
Richard Hay represents Linklaters on the UKJT and was a key part of the Linklaters team assisting the taskforce, together with Michael Voisin, Global Head of Capital Markets, and Sam Quicke, associate.