LëtzBlock, the Luxembourg Blockchain & DLT Association, is currently drafting a paper on “smart contracts” legal framework in Luxembourg and has recently launched a survey to invite interested stakeholders to share their views on this topic(with a focus on legal and regulatory matters).
As a preliminary remark, the starting point for our survey was the lack of a common understanding among developers of smart contracts and the legal profession over the meaning of the term “smart contracts” and the legal uncertainties deriving from this lack of consensus.
LëtzBlock is therefore proposing a definition that has the potential to satisfy the requirements of both lawyers and blockchain and smart contracts’ developers and is seeking wider public consultation on the definition which is given below:
“A smart contract is a computerised transaction protocol between two or more parties. It may be self-executing. It can qualify as a contract within the meaning of Luxembourg Civil Code if the relevant criteria of articles 1101 and 1108 mainly are met.”
LëtzBlock is very interested in exploring how compliance with data protection requirements can be achieved in this area.
APDL is happy to support this initiate and invites his members to participate in the survey.
How can you share your views?
You can respond to the LëtzBlock survey available via the following link
by 15 November 2020.
Feel free to quickly jump to page 12 if you wish to focus on data protection or/and don’t have too much time to spend on completing this survey
If you prefer to provide feedback orally, a conference call may be organised by sending an email at email@example.com
Apply to become an active member of our Smart Contract working group by contacting LëtzBlock at firstname.lastname@example.org
Please note that you do not need to provide personal data and responses will be anonymised if needed and grouped.
Your answers will help LëtzBlock to finalise the above-mentioned white paper, supported by current market views on the Luxembourg legal and regulatory framework applicable to Smart Contracts and the new opportunities that they may bring to Luxembourg.
In due course, LëtzBlock will organise an event dedicated to the presentation of survey results and of the final white paper. Details will be shared with you via LëtzBlock social media or via the APDL website.