Smart contracts are self-executing digital contracts that contain all the clauses within the code, offering a cost-effective method of reducing overheads and ensuring processes are more streamlined.
In some cases these types of contracts are easily created and easy to access, while also reducing the risk of fraud. However, like all contracts they require legal analysis and need to be constructed in a way that offers protection for all relevant parties.
Saracens Solicitors ensure that the executed outcome of your smart contract is enforceable and legally robust, offering insightful tech guidance to help you achieve your commercial aims.
Legally binding solutions
The UK Jurisdiction Taskforce (UKJT) have stated that smarts contracts are legally enforceable. However, some uncertainties about their overall legal status remain – where a term is disputed, for example – so there are grey areas that still need to be resolved.
Laws relating to smart contracts are evolving at a rapid pace, and our smart contract solicitors use their vast experience to offer in-depth advice to entrepreneurs and businesses, helping them to navigate the risk and legal implications.
Before you sign a smart contract, you need to ensure that any risk you are exposed to is minimised and due to the uncertainties associated with these types of agreements, it is advisable to seek independent legal advice from professionals with experience in this field.
Professional and expert advice
When it comes to crypto legal opinions, it pays to work with solicitors who have the relevant experience in this area of law. Cryptocurrency is a relatively new form of finance and the legal requirements for selling tokens are complex, so to minimise your risk and afford yourself the right level of protection, you should verify that the company are a suitable fit.
As crypto legal opinion solicitors, Saracens can give you peace of mind that you will receive a legal opinion that works for you and your investors, using our in-depth knowledge to support the success of your project.
How Saracens can help
As cryptocurrency solicitors with extensive knowledge of smart contract analysis, we can ensure that your contracts offer the right level of protection.
Whether you are a business or a private individual, we offer relevant support and advice based on the project and what you want to achieve with the project. Our bespoke services are based on your specific circumstances and only ever act in the best interest of our clients.
Partner & head of the crypto team