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Blockchain: legal and regulatory guidance report

Insight
07 Sep 2020
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We’ve produced a report with the Tech London Advocates' (TLA) Blockchain Legal and Regulatory Group, which sets out key issues for legal practitioners to be aware of when advising on distributed ledger technologies (DLT).

TLA's dedicated blockchain working group was founded in 2018 and serves as a hub for multi-disciplinary DLT experts.

The group's objectives are to:

  • assist legal practitioners when they are required to advise their clients on matters related to DLT
  • identify and set out areas in which further guidance is required from regulatory authorities or other bodies

It’s clear that lawyers are starting to become familiar with DLT and other emerging technologies like smart legal contracts and cryptoassets.

The pandemic has incentivised firms of all types and sizes to embrace new technologies. As the economy recovers, we’ll see a further increase in lawtech adoption rates across the profession.

The report includes a list of key recommendations on the many aspects relating to DLT, including:

  • commercial application
  • data governance
  • intellectual property
  • data protection measures
  • dispute resolution

The report will provide a clear framework and much needed guidance on the use of blockchain in the legal services sector.

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