New guidance has been launched to address emerging legal issues with Blockchain and associated technologies. This third edition recognises the transformational changes that have occurred in the digital environment in the three short years since the first edition was published in mid-2020.
The updated guidance provides lawyers and practitioners advising on Blockchain and distributed ledger technologies (DLT) with an understanding of the evolving commercial and technological issues in this area, and how they impact wider areas of litigation and the law.
The guidance is split into two halves with a focus on education, as lawyers are continuing to assume the role of ‘project managers’, working with various specialists to help guide their clients through this ever-evolving area of law.
It covers a wide range of key issues for legal practitioners to be aware of when advising on DLT-related matters. The first part focuses on developing technologies, covering the growing types and uses of DLTs and specifically cryptoassets, and the second looks at the impact of DLT on the wider landscape and the implications for areas of litigation.
Co-Lead of Mishcon de Reya's Blockchain Group and Founder of the TLA Blockchain Legal & Regulatory Working Group, Anne Rose, said "the updated Guidance was a vital step in providing clarity around the legal implications when using Blockchain and similar technologies".
Anne said: “It is more important than ever that lawyers are aware of developments in emerging technologies, and their potential impacts on the way financial, property and legal services are carried out. This updated guidance is aimed to help educate, and it is with great pleasure that we have partnered with Society for Computers and Law (SCL) for this edition and all future editions. SCL is a registered educational charity which promotes the use and understanding of information technology in the context of the law and is celebrating its 50th anniversary this year.”
The Guidance is now accessible on the Law Society's website here.