Every lawyer will require familiarity with crypto, says MR | News

Every lawyer will need to know about blockchain, smart legal contracts, and cryptocurrency blockchains, according to the master of the lists today. Major developments are imminent. This will mean that every lawyer will need to be familiar with blockchain, smart legal contracts and cryptocurrency blockchains,” Sir Geoffrey Voss said at an event to launch New edition of the official guidance On the legal and regulatory aspects of the technologies that underpin digital currencies and the burgeoning market in “non-fungible tokens.”

Developed by a working group of experts, the guidelines provide lawyers and practitioners with advice on blockchain and distributed ledger technologies (DLT) with an understanding of evolving business and technology issues and how they affect broader areas of litigation and law.

Ann Rose, co-chair of the Mishcon de Reya blockchain group in London and founder of the working group, said the updated guidelines were a vital step in providing clarity around the legal implications when using blockchain and similar technologies. We’ve made major updates to the original release, focusing on recent and upcoming developments, such as the launch of central bank digital currencies and the now mainstream use of crypto assets and smart legal contracts — so we can continue to work together to unlock the benefits of these technologies.”

The group is calling for action to develop an effective and proportionate regulatory regime for crypto assets such as non-fungible tokens. The guidance states that “the UK should act quickly to clarify its policy approach and introduce new rules where appropriate in order to give the market certainty and facilitate the development of efficient and regulated markets in crypto assets.”

Echoing the key words of Lists’ keynotes, I. Law Society President Stephanie Boyce said: “Distributed ledger technology, smart legal contracts and cryptocurrency blockchains are likely to form the infrastructure of the digital economy and the basis for future transactions, which lawyers will continue to do so.” To advise on.

Guidance is available On the Law Society website.