Smart Contracts, Old Laws: Navigating Pakistan’s Regulatory Landscape

Abstract

This study examines the legal limitations and challenges with respect to using smart contracts within the legal system of Pakistan. In particular, it focuses on specific legislations dealing with contractual relations in Pakistan and its application to smart contracts. Employing the theoretical lens of law and technology, this study seeks to evaluate whether the current laws of Pakistan are adequate for recognizing complex blockchain smart contracts. This study adopts both doctrinal and comparative methodology to draw lessons from other jurisdictions on this particular issue. The article proposes certain legislative and policy changes to address the regulatory gaps in relation to legal recognition of smart contracts in Pakistan.