THE INTERPRETATION OF SMART CONTRACTS IN THE EU AND THE USA
This article argues that the current rising trend in the use of smart contracts requires a radical update of existing legislation. It intends, in the first instance, to outline a notion of the “smart contract”, and then to highlight different understandings of it in the EU and the USA. This article...
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| Format: | Article |
| Language: | English |
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Mykolas Romeris University
2021-12-01
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| Series: | International Comparative Jurisprudence |
| Subjects: | |
| Online Access: | https://ojs.mruni.eu/ojs/international-comparative-jurisprudence/article/view/6815 |
| _version_ | 1819103269567332352 |
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| author | Marina Kasatkina |
| author_facet | Marina Kasatkina |
| author_sort | Marina Kasatkina |
| collection | DOAJ |
| description | This article argues that the current rising trend in the use of smart contracts requires a radical update of existing legislation. It intends, in the first instance, to outline a notion of the “smart contract”, and then to highlight different understandings of it in the EU and the USA. This article analyses the existing legislation specifically enacted to address smart contracts. From a comparative perspective, the issue of how the existing contract law adapts to regulate and enforce smart contracts in the common and civil law countries is discussed. In light of this, the author analyses whether a smart contract conforms with the common law and civil law requirements for the formation of a valid and legally binding contract. The author concludes that the common principles of traditional civil law will likely apply to agreements memorialised in code. This paper also outlines the notion that the emergence of “crypto-legal structures” is required due to the peculiarities of the incorporation smart contracts into different legal systems. |
| first_indexed | 2024-12-22T01:47:47Z |
| format | Article |
| id | doaj.art-38cbcb5721a345018cf188b4999ff19f |
| institution | Directory Open Access Journal |
| issn | 2351-6674 |
| language | English |
| last_indexed | 2024-12-22T01:47:47Z |
| publishDate | 2021-12-01 |
| publisher | Mykolas Romeris University |
| record_format | Article |
| series | International Comparative Jurisprudence |
| spelling | doaj.art-38cbcb5721a345018cf188b4999ff19f2022-12-21T18:43:00ZengMykolas Romeris UniversityInternational Comparative Jurisprudence2351-66742021-12-0172https://doi.org/10.13165/j.icj.2021.12.007THE INTERPRETATION OF SMART CONTRACTS IN THE EU AND THE USAMarina KasatkinaThis article argues that the current rising trend in the use of smart contracts requires a radical update of existing legislation. It intends, in the first instance, to outline a notion of the “smart contract”, and then to highlight different understandings of it in the EU and the USA. This article analyses the existing legislation specifically enacted to address smart contracts. From a comparative perspective, the issue of how the existing contract law adapts to regulate and enforce smart contracts in the common and civil law countries is discussed. In light of this, the author analyses whether a smart contract conforms with the common law and civil law requirements for the formation of a valid and legally binding contract. The author concludes that the common principles of traditional civil law will likely apply to agreements memorialised in code. This paper also outlines the notion that the emergence of “crypto-legal structures” is required due to the peculiarities of the incorporation smart contracts into different legal systems.https://ojs.mruni.eu/ojs/international-comparative-jurisprudence/article/view/6815smart contractcrypto-legal structureslegal recognitionjudicial recognitionblockchain |
| spellingShingle | Marina Kasatkina THE INTERPRETATION OF SMART CONTRACTS IN THE EU AND THE USA International Comparative Jurisprudence smart contract crypto-legal structures legal recognition judicial recognition blockchain |
| title | THE INTERPRETATION OF SMART CONTRACTS IN THE EU AND THE USA |
| title_full | THE INTERPRETATION OF SMART CONTRACTS IN THE EU AND THE USA |
| title_fullStr | THE INTERPRETATION OF SMART CONTRACTS IN THE EU AND THE USA |
| title_full_unstemmed | THE INTERPRETATION OF SMART CONTRACTS IN THE EU AND THE USA |
| title_short | THE INTERPRETATION OF SMART CONTRACTS IN THE EU AND THE USA |
| title_sort | interpretation of smart contracts in the eu and the usa |
| topic | smart contract crypto-legal structures legal recognition judicial recognition blockchain |
| url | https://ojs.mruni.eu/ojs/international-comparative-jurisprudence/article/view/6815 |
| work_keys_str_mv | AT marinakasatkina theinterpretationofsmartcontractsintheeuandtheusa AT marinakasatkina interpretationofsmartcontractsintheeuandtheusa |