What Is the Legal Status of a Smart Contract in Major Jurisdictions?
The legal status is evolving and varies. Some jurisdictions recognize smart contracts as legally binding if they meet traditional contract requirements (offer, acceptance, consideration).
However, the legal system struggles with the "code is law" principle, especially regarding non-technical parties and error resolution. Uniform global standards are still being developed.
Glossar
Legal Status
Status ⎊ The Legal Status of crypto derivatives and options varies significantly across jurisdictions, ranging from fully regulated financial products to areas of regulatory ambiguity or outright prohibition.
Jurisdictions
Regulation ⎊ Jurisdictions define the legal and regulatory frameworks governing cryptocurrency, options trading, and financial derivatives, impacting market participants’ obligations and permissible activities.
Smart Contracts
Function ⎊ Smart contracts are self-executing agreements with the terms of the agreement directly written into lines of code, residing on a decentralized ledger.