TLA Blockchain Legal and Regulatory Group and Law Society Guidance Released

Celebrating the start of London Tech Week 2020, The TLA Blockchain Legal and Regulatory Group and Law Society Guidance was released this morning at 8am.

As founder of the Tech London Advocates Blockchain Legal & Regulatory Working Group, Associate and Co-Lead of our Blockchain Group, Anne Rose has played an instrumental role in the creation of the Guidance.

The Guidance sets out some key issues for legal practitioners to be aware of when advising on DLT-related matters such as commercial applications, smart contracts, data governance, blockchain consortia, data protection and security, intellectual property, dispute resolution and cryptoassets. The Guidance also identifies some areas in which further guidance is required from regulatory authorities or other bodies.

Highlighting the need for support in this fast-moving area, the Rt Hon Sir Geoffrey Vos, Chancellor of the High Court said; "This sudden acceleration in use has only emphasised our need to understand the ways in which technology is affecting our professional lives and lawyers face a steep learning curve. They will need to become familiar with DLT, smart legal contracts and cryptoassets – conceptually and functionally. This Guidance is an important step on that path."

Anne Rose said; "One significant factor hindering the adoption of blockchain applications is the lack of legal certainty. I hope that this document accelerates the provision of guidance from legal and regulatory authorities and educates legal practitioners working in this space as to some of the key legal issues to be aware of when advising clients on matters such as smart legal contracts and dispute resolution."

The Guidance is now accessible on the Law Society's website, here.

At 2pm today, Anne will be moderating a panel of LawTech and DLT experts, including Sir Geoffrey Vos, Chancellor of the High Court and Chair of the UK Jurisdiction Taskforce, to discuss the key aspects of the report.

To view the full list of panellists, click here.