What Legal Frameworks Are Emerging Globally to Recognize Smart Contracts as Legally Binding Agreements?
Several jurisdictions are actively developing legal frameworks to accommodate smart contracts. For instance, states in the U.S. like Arizona, Tennessee, and Wyoming have passed legislation explicitly recognizing smart contracts and blockchain-based signatures as legally valid.
The United Nations Commission on International Trade Law (UNCITRAL) is also developing model laws for electronic commerce that could apply to smart contracts. These frameworks generally aim to confirm that a contract does not lack legal effect simply because it is executed by a smart contract, fitting them within existing contract law principles.