United Kingdom High Court Chancellor and British Judge Sir Geoffery Vos said smart contract and cryptocurrency would inevitably see mainstream use in society, as long as appropriate regulations are set in place. He relayed this message in a speech addressing the University of Liverpool School of Law and the Northern Chancery Bar Association.
Sir Geoffery further noted that it was high time to dedicate resources to explore the necessary changes in the law to allow for the correct and widespread use of crypto and smart contracts:
“My starting point is to ask why smart contracts have taken so long to become ubiquitous. We have been discussing how and when they may take over the world of mainstream financial services for several years. Yet, they seem never to make that breakthrough into reality.”
He repeated the theme of his last year speech that insisted the UK legal system was ready to cope with innovation and advocated for the speedy use of smart contracts, removing regulatory obstacles hindering their widespread adoption:
“We should, therefore, be looking to identify and, if necessary, remove any fundamental legal impediment to the use of smart contracts. We should try to avoid the creation of a new legal and regulatory regime that will discourage the use of new technologies rather than provide the foundation for them to flourish.”
Sir Geoffery directly lauded cryptocurrencies, saying that legal certainty would ensure the “starting line” is “crossed at some stage soon”.
The UK may not have fully recognized crypto but is already high on fintech, innovation and blockchain acceptance. London firms snapped up 39% of all European fintech funding in 2018, according to a recent report by CNBC.
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