A plan to develop a way to detect flaws in UK regulations that have failed to keep up with innovations in cryptography and artificial intelligence (AI) has been proposed by the Lord Chief Justice’s technology adviser, The Financial Times. reported.
Richard Susskindwho is also director of LegalUK, the London-based think tank whose mission is to encourage the use of English law and British dispute resolution globally, told the outlet that an independent institute would shine a light on sections of the law that have failed to keep up with new technological innovations, including crypto assets and AI.
Additionally, the new organization would promote English law to global businesses as a way to govern innovations such as blockchain transactions.
“The business world is going to be changed by technology, and the challenge will be to provide a platform for the right support for these new technologies,” Susskind said.
The proposal comes as lawyers express concern that England’s 365,000-strong legal sector could lose clients to rival institutes in Dubai and Singapore if legislation fails to keep up with technological innovations.
Supporters said such a research center would fit with the UK government’s strategy to make the country a world leader in areas such as AI.
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Susskind is not the only official thinking about ways to regulate new innovations.
In December, the Bank of England (BoE) announced plans to step up the pace of negotiations to establish regulation over the world’s newest assets.
To find out more: Bank of England to speed up talks on crypto rules
Sarah Breeden, director of financial strategy and risk at the central bank, said: If banks want to offer cryptocurrency trading and custody services, regulators must design rules to protect the global financial system.
The BoE recently stated in itsFinancial Stability Board Reportthat while crypto holdings in the UK do not pose a threat to the financial network, their dramatic growth could become more dangerous as currencies become increasingly linked to wider financial systems and economies.
