Home Blockchain UK legal task force investigates rules underpinning securities issuance on blockchain

UK legal task force investigates rules underpinning securities issuance on blockchain

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UK legal task force investigates rules underpinning securities issuance on blockchain

Legal experts in the UK have opened a public consultation on the legislative changes needed to support the issuance and transfer of digital securities on blockchain and DLT systems.

The consultation, led by the government-backed UK Jurisdiction Taskforce (UKJT), aims to clarify the market as to what types of digital security models English law will support.

A number of jurisdictions, including Luxembourg and France, have put in place suitable legislative frameworks to facilitate the commercial use of blockchain and DLT in their respective legal systems. However, no similar legislative scheme has been introduced in the UK and the market feels that English law may be comparatively less favorable to digital securities.

The consultation seeks to address these concerns and seeks feedback on any significant issues of concern to stakeholders in relation to the issuance and transfer of digital securities under English private law.

Sir Geoffrey Vos, Chancellor of the High Court and Chairman of the UKJT comments: “We recognize that many experts and interested members of the public in the legal, digital and financial sectors have opinions on this. This consultation allows them to have their say on this important subject and I invite as many people as possible to take this opportunity to share their views with the UKJT.

The public consultation was opened on July 29, 2022 and will close on September 23, 2022.

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