- The UK government is aware of the “new and emerging technologies.”
- The current legal structure sparks uncertainty around the crypto industry.
- The aim of the task force is to see a reduction in regulatory barriers and hindrances.
A team of industry experts and other leading figures from the United Kingdom has been formed to deliberate on ways in which the blockchain technology can thrive within the legal sector. The government is aware of the “new and emerging technologies” that are “changing the way the legal profession thinks about delivering its work.”
The statement released to the public task force says that the current legal structure sparks uncertainty around the crypto industry and is the primary cause of lack of confidence from the ordinary investor.
The aim of the task force is to see a reduction in regulatory barriers and hindrances. It will also ensure that a right regulatory regime is put in place that supports innovation as well as encourages investment. According to the official statement by the LawTech Delivery Panel:
“The UKJT, one of the six taskforces of the LawTech Delivery Panel, is conducting a consultation on the principal issues of legal uncertainty regarding the status of cryptoassets, distributed ledger technology (DLT) and smart contracts under English law.”
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