The United Kingdom’s judiciary advisor, Sir John Bell, has urged lawmakers to keep up with the fast pace of cryptocurrency and blockchain technology. “The evolution of technology is moving at an extraordinary rate, and it’s essential that the law moves with it,”
Bell said at a conference in London on Tuesday. “The world of crypto-assets and blockchain has moved with startling speed from something perhaps peripheral to a central feature of financial services. It’s now vital that we get the legal framework right.”
The UK’s chief law enforcement advisor has called for the implementation of English law to keep pace with the digital age and new technology. The Judicial Office Advisory Council (JOAC) said that it was “completely appropriate” to use new technology and new laws, adding that its primary concern was that there was not a “legislative vacuum”.
The report, entitled “Emerging Issues in Cybercrime”, was written by a committee chaired by the council’s chairwoman, Lady Justice Hallett. It said: “Self-regulation is better than no regulation at all.” Hallett told The Times that there was currently no legislation in place for blockchain-based data storage systems.
She said: “It may be that we need to bring forward new legislation if we are going to catch up with this new way of doing things.”
The report stated that existing laws were sufficient for fighting cybercrime but should be enforced more effectively. The UK’s legal system is “slow” and “cumbersome” while the country’s judges are struggling to keep up with rapid developments in cryptography, according to an advisor to the government’s chief law officer.