Technical

smart contract

Computer protocol that enforces agreements partly or fully automatically.

How the laws define this

Both frameworks agree that a smart contract is a computer program or code designed to automatically or semi-automatically execute, enforce, verify, or codify contractual terms and interactions while operating on or linking to a distributed ledger system. Where these frameworks diverge is in the specific regulatory lens through which they treat such code. The Malta Digital Innovation Authority Act frames smart contracts as an innovative technology arrangement, focusing heavily on technical conformity, governance requirements, and formal certification. In contrast, Law 4961/2022: Emerging information and communication technologies, strengthening digital governance and other provisions emphasizes legal recognition, explicitly establishing smart contracts as valid legal instruments while framing rules around their evidentiary use, dispute resolution, obligations, and legal effects.

Synthesised from the 2 statutory definitions below. Each one is quoted in full, with its source.

How jurisdictions differ

What is distinctive in each definition, binding law in force first.

Jurisdiction	Instrument	Status	What is distinctive
Malta	Malta Digital Innovation Authority Act	In Force	Adds requirements for MDIA certification, governance, technical conformity assessment, and potential interaction with DLT systems and external data sources.
Greece	Law 4961/2022: Emerging information and communication technologies, strengthening digital governance and other provisions	In Force	Specifies storage on or linkage to a distributed ledger, recognizes smart contracts as valid legal instruments with rules for evidentiary use and dispute resolution.

What it triggers

In Malta, under the Malta Digital Innovation Authority Act, smart contracts are recognised as a form of innovative technology arrangement subject to MDIA certification and governance requirements.source
In Greece, under Law 4961/2022, smart contracts are recognised as valid legal instruments and are subject to rules on their evidentiary use and related dispute resolution.source

Definitions (2)

A computer protocol or program that automatically or semi-automatically enforces, verifies or executes the terms of an agreement, potentially interacting with DLT systems and external data sources; the Act recognises smart contracts as a form of innovative technology arrangement subject to MDIA certification and governance requirements. Smart contracts may be partially or fully automated and are assessed for technical and governance conformity.

Malta Digital Innovation Authority ActDefinition 1 of 2

Computer‑executed code stored on or linked to a distributed ledger that codifies, automates or enforces contractual terms and interactions; the law recognises smart contracts as valid legal instruments and provides rules on their evidentiary use and related dispute resolution. The definition frames obligations and legal effects for transactions conducted via such code.

Law 4961/2022: Emerging information and communication technologies, strengthening digital governance and other provisionsDefinition 2 of 2

Not to be confused with

innovative technology arrangement

Innovative technology arrangement refers to software, code, protocols and architectures used in DLT/smart contracts, while smart contract is the specific protocol or program enforcing agreements.

distributed ledger technology (DLT)

Distributed ledger technology (DLT) is a replicated, shared ledger system across multiple nodes, while smart contract is code that may interact with or be stored on DLT.

Distributed Ledger Technology (DLT) / Blockchain

Distributed Ledger Technology (DLT)/Blockchain describes shared synchronized ledgers using consensus mechanisms, while smart contract is executable code linked to or stored on such ledgers.

Questions and answers

What certification is needed for smart contracts in Malta?

Under the Malta Digital Innovation Authority Act, smart contracts are subject to MDIA certification and governance requirements, with assessment for technical and governance conformity.

Are smart contracts legally valid in Greece?

Law 4961/2022 in Greece recognises smart contracts as valid legal instruments. It provides rules on their evidentiary use and related dispute resolution.

How do smart contracts relate to DLT in these laws?

Malta's Act mentions potential interaction with DLT systems and external data sources. Greece's law specifies code stored on or linked to a distributed ledger.