The UK should create a Blockchain Act to support the new tokenized economy

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The UK should create a Blockchain Act to support the new tokenized economy

Petition Details

Our legal infrastructure needs to provide a foundation for proper digital signing with private keys, and support the legal consequences of the ownership, possession and transfer of tokens.

Additional Information

A Blockchain Act will support the new tokenized economy, and where real-world applications around blockchain can be enacted with legal certainty. These tokens include: payment tokens (currency coins); utility tokens (services); and security tokens (equity and assets).

Liechtenstein's Blockchain Act defines its objective as to:

"enable the transformation of the ‘real’ world to blockchain systems while ensuring legal certainty, thereby opening up the full application potential of the token economy."

The UK Act should aim to define “legal certainty” for blockchain implementation and projects, and define a world where our existing assets are added onto blockchain, and then traded there.

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