One of the country’s most senior judges has urged lawyers to get to grips with cryptocurrency.
Master of the Rolls Sir Geoffrey Vos warned that “major developments are imminent” and those in the profession — and presumably law students seeking to enter it — “require familiarity with the blockchain, smart legal contracts and cryptoassets”, the Law Society’s Gazette reports.
Sir Vos’ comments came at the launch of an updated report on the key issues lawyers need to be aware of when advising clients on distributed ledger technology. The guidance, published on Tuesday, has been produced in collaboration with the Tech London Advocates (TLA) Blockchain Legal and Regulatory Group.
The Law Society president I. Stephanie Boyce endorsed Vos’ advice. She said: “Distributed ledger technology, smart legal contracts and cryptoassets will likely form the infrastructure of the digital economy and basis for future transactions, which lawyers will continue to advise on.”
Full reporting by Legal Cheek
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