- Uk judge approves process serving through a blockchain in Britain
- The summoning will be done through non-fungible tokens
- Crypto exchange platforms sued over swindling of crypto assets to be served through NFT airdrops
Victims of crypto frauds can now sue crypto crooks through a blockchain in form of non-fungible tokens (NFT) in the United Kingdom.
The procedure in which a party to a certain lawsuit serves another party with a notice of initial legal action can now be done in a blockchain. This comes after a judge from Britain, the United Kingdom approved this service process on 24th June 2022.
Summoned to court via NFT
In the new form of the service process, the notice of being summoned will be in the form of NFT. Usually, the notice of service comes in the form of mail, dropped off at a personal address, personal service, or through fax. NFTs will now be serving as digital certificates of authenticity.
This style of the ruling comes after Binance and other exchange platforms were sued by Fabrizio D’Aloia. Fabrizio, who is the founder of an online gambling company, claimed that his crypto assets were swindled.
He claims that the swindling happened while his assets were under the authority of the sued platforms.
The court then presided it was the responsibility of the exchange platforms to ensure the stolen crypto assets were not moved or withdrawn out of their systems.
The summoning is expected to take place through airdrops. The lawsuit documents will come in form of NFT dropped into Fabrizio’s wallet. The pair of wallets that initially contained the stolen assets.
According to the law firm Giambrone & Partners LLP, crypto fraud victims can now sue crypto crooks in the same way.
The law firm noted “this order is a noteworthy development in the area of service of court documents and a welcome example of a court embracing new technology. It is also a significant judgment as it demonstrates how England and Wales is one of the best jurisdictions in the world, if not the best when it comes to protecting victims of crypto assets fraud.”
The US also had a similar move to approve summoning to court through NFTs.
Blockchain is the new way
This is not the first time the United Kingdom makes a move toward blockchain adoption. In September 2021, its financial regulator (FCA) launched a blockchain network to boost regulatory reporting.
The financial Conduct Authority (FCA) partnered with the Bank of England in an effort to reduce the compliance checks’ costs.
