Governing the blockchain: what is the applicable law?

Both the functionality and the flexibility of distributed ledger technology (DLT) systems can raise complex questions of applicable law for users. This chapter considers the challenges of establishing what laws or regulations may be relevant to the operation and governance of DLT systems and transactions conducted on them. It highlights the risks of failing to include express contractual clauses to make the parties' choice of law and forum for dispute resolution clear. It also discusses how governing law and jurisdiction will be assessed in the absence of any express contractual clauses, including an explanation of common DLT governance systems.