Smart Contracts in the International Legal Space

By In the article, we will pay special attention to the legal regulation of this problem in the legislation of Italy as a state, which was one of the first in the world to legally define smart contracts and distributed registry technology, as well as determine the procedure for concluding contracts.With the development of trading activities through Internet resources, a form of concluding an agreement through the network becomes widespread through certain specific actions: clickwrap agreement (agreement concluded by clicking the mouse) and browsewrap agreement (agreement concluded by using the website). Moreover, in the legislation of many countries, there are no special rules governing such methods of concluding agreements (for example, Russia). In this connection, general provisions on the contract should apply to them. The clickwrap agreement is an agreement concluded in electronic form by clicking on one of the parties to the agreement by clicking the “I agree” button that accompanies the text of such an agreement (England, Germany, Italy, USA, as well as a number of other countries recognize the validity of such an agreement). The UNCITRAL Model Law on Electronic Commerce equates electronic contracts and the procedure for concluding them (in particular, through the clickwrap agreement) by legal force with written contracts.In many countries, the basis for the subsequent formation of the legal framework for smart contracts can be laws on electronic transactions, such as in Australia (Electronic Transactions Act 1999) and New Zealand (Electronic Transactions Act 2002). In particular, the Australian Electronic Transaction Act, although it does not contain a legal definition of a smart contract, does not invalidate it if entered into.Italy was the first country in the world in which the terms “smart contract” and “distributed registry technology” were enshrined in law.This law was introduced into the Italian parliament as a decree in 2018, after passing the approval procedure by the country’s parliament, it was given the status of the Law “On urgent provisions regarding the support and simplification of the business system and public administration”, which was published on February 12, 2019, in the “Official Gazette of Italy” (Altcoin Magazine Contracts in the International Legal Space was originally published in ALTCOIN MAGAZINE on Medium, where people are continuing the conversation by highlighting and responding to this story.
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Author: IMBA-Exchange