Today, the UK Jurisdiction Taskforce (UKJT) of LawtechUK has published a legal statement on the issuance and transfer of digital securities under English private law. It is a significant development in the field of cryptocurrency and related digital trading technology.
The statement finds that the existing framework of English law supports the transfer and issue of securities using blockchain or distributed ledger technology. It highlights the benefits of the inherent flexibility of English law, which readily adapts to changing commercial needs in the digital economy.
The UKJT is one of six taskforces created by the LawTech Delivery Panel, a body established by the UK Government, the Judiciary and the Law Society in order to promote the use of technology in the UK’s legal sector. The taskforce’s first statement, on the status of cryptoassets and smart contracts under English law, was published in 2021.