“… My starting point is that law underpins all banking, trade and financial services. It provides the glue that gives investors, traders and even governments the confidence to take economic risks nationally and internationally. Historically, English private law has held a privileged position internationally. A report by Oxera for LegalUK last October 2021 on The Economic Value of English Law noted the dominance of English law as the agreed foundation for literally trillions of dollars of transactions in many industrial and financial sectors, including, for example, insurance and financial services, maritime, energy and telecoms. Regulators and central banks are naturally concerned at the growth of the decentralised finance (defi) sector to reach a peak of over $3 trillion in November 2021 …”
Sir Geoffrey Vos, Master of the Rolls, The economic value of English law in relation to DLT and digital assets (Digital Assets Symposium, ‘Challenging Legal Frontiers’, Bank of England, 25 July 2022).