Table of contents

Introduction......................................................................................................................................3
Content.............................................................................................................................................4
1. UK legal system....................................................................................................................4
1.1 Definition of legal system.............................................................................................4
1.2. Type of legal system (Business LibreTexts,2020)............................................................4
1.3. Definition of law...............................................................................................................4
1.4. Function of law.................................................................................................................4
1.5. Legal system in UK..........................................................................................................5
1.6. Classifications of law (Olanrewaju Olamide,2017)..........................................................5
2. Judicial system.........................................................................................................................5
2.1Supreme Court....................................................................................................................6
2.2. Court of Appeal................................................................................................................7
2.3. High Court........................................................................................................................7
2.4. Crown Court.....................................................................................................................7
2.5. Magistrate Court...............................................................................................................7
2.6. County Court....................................................................................................................8
2.7. Tribunals...........................................................................................................................8
3. Source of law...........................................................................................................................8
3.1. Case law............................................................................................................................8
3.2. Equity................................................................................................................................8
3.3. Legislation........................................................................................................................8
3.4. Customs............................................................................................................................8
3.5. Conventions......................................................................................................................9
3.6. Act of parliament..............................................................................................................9
3.7. European Union Law........................................................................................................9
3.8. European Convention on Human Rights (ECHR)............................................................9
4. Role of Government in law-making........................................................................................9
4.1. Initial interest....................................................................................................................9
4.2. The draft bill.....................................................................................................................9
4.3. The first reading..............................................................................................................10
 4.4. The second reading.........................................................................................................10
4.5. The committee stage.......................................................................................................10
4.6. The report stage..............................................................................................................10
4.7. The third reading.............................................................................................................10
4.8. The House of Lord stage.................................................................................................10
4.9. The royal assent..............................................................................................................10
5.Common law and statutory law apply in justice court............................................................11
5.1. Common law...................................................................................................................11
5.2. Statutory law...................................................................................................................11
6. Impact of law on business......................................................................................................12
6.1. Company law..................................................................................................................12
6.2. Employment law.............................................................................................................12
6.3. Contract law....................................................................................................................13
7. The effectiveness of law reform............................................................................................13
8. Potential impact on business through differentiation between legislation, regulations and
standards....................................................................................................................................14
Refence list....................................................................................................................................15

Introduction
I am Pham Duc Hung, a paralegal currently employed at Gateley Legal. Gateley Legal, founded
in Birmingham in 1808, has provided commercial legal services to individuals and businesses for
over 200 years. Known for disrupting the legal marketplace, Gateley emerged 30 years ago as a
challenger to Birmingham’s established legal elite. Their leadership team focused on corporate
dealmaking and building strong commercial relationships, laying the foundation for their current
success. In 2015, Gateley became the first UK law firm to list on the London Stock Exchange’s
AIM. Today, Gateley operates from 25 offices across the UK and Dubai, maintaining a forward-
thinking and client-focused approach.

Content
1. UK legal system
1.1 Definition of legal system
The UK legal system is a set of institutions, rules, and procedures that govern the administration
of justice. It guarantees the protection of people, the enforcement of the law, and the resolution
of conflicts. (Smarter,2019)
1.2. Type of legal system (Business LibreTexts,2020)
A nation's economy and society can be significantly impacted by the type of legal system that
exists there. There are five main types of legal systems in the world
1.2.1. Common law
A legal system that bases its laws on precedent, or the rulings of judges in earlier instances.
1.2.2. Civil law
All laws are contained in extensive legislative acts known as Codes.
1.2.3. Religious Law
A legal system founded on religion beliefs and ideas, with decision-making authority held by
religious authorities.
1.2.4. Customary law
A system of law founded on long-standing conventions and traditions
1.2.5. Hybrid Law
Laws that incorporate aspects of two or more distinct legal traditions.

1.3. Definition of law

Law is a set of rules created by a government or other authority to uphold rights, control
behavior in a community, and preserve order. (Cambridge Dictionary,2024)
1.4. Function of law
The law has a lot of uses. Setting rules, keeping the peace, settling conflicts, and defending rights
and freedoms are the four basic ones. (Le,2024)
1.5. Legal system in UK
The United Kingdom is a constitutional monarchy. Conventions define the duties, functions, and
powers of the Head of State, who is the monarch. The monarch's political neutrality is one of the
customs. The common law system used in England and Wales combines the enactment of laws
with the development of precedents through case law. Legislation is passed by Parliament,
which is made up of the House of Commons, the House of Lords, and the "Monarch." The
Prime Minister is customarily a member of the House of Commons, which is directly chosen by
the people. The judiciary, which operates independently of Parliament, is in charge of the court
system and case law. The Head of State is the monarch (Jackson,2022).
1.6. Classifications of law (Olanrewaju Olamide,2017)
1.6.1. Civil Law vs. Criminal Law
Civil Law is resolves conflicts between people or organizations and looks for solutions like
restitution or injunctions.
Criminal Law is addresses transgressions against the state, which may result in penalties or
incarceration.
1.6.2. Substantive Law vs. Procedural Law
Substantive Law explains obligations and rights, including those under criminal and contract
laws.
Procedural Law ensures that substantive laws are applied fairly by regulating legal processes and
procedures.
1.6.3. Public Law vs. Private Law
Public Law focuses on the interaction between people and the government, including criminal,
administrative, and constitutional law.
Private Law connections between private parties, encompassing property, tort, and contract law
1.6.4. International Law vs. Domestic Law
International law controls the interactions between several sovereign nations.
Domestic Law refers to a nation's legal system, which includes common law concepts and
statutory laws.
2. Judicial system
Judicial system is a branch of the government that interprets legislation and enforces the law. The
judiciary also has the power of judicial review, which allows the Justices of the Supreme Court
to check the constitutionality of laws. Within the UK, there are three separate judicial systems.
England and Wales, Northern Ireland, and Scotland each have their own jurisdictions. The UK
Supreme Court is the last court of appeal for all three court systems and is the main court that
handles constitutional issues. (Courts and Tribunals Judiciary,2023)
(JustCite,2011)
2.1Supreme Court
The Supreme Court serves as the highest court of appeal in the United Kingdom, significantly
influencing the development of UK law. It can only review cases if a lower court has issued a
relevant order. As the final court of appeal, it addresses civil cases across the UK and criminal
cases from England, Wales, and Northern Ireland. The Supreme Court focuses on appeals that
raise important legal questions of public interest, prioritizing cases with substantial public and
constitutional implications. It also upholds its role as a prominent authority in the common law
world. (The Supreme Court,2012)
2.2. Court of Appeal
In the UK, the Court of Appeal is the second-highest court in the judicial hierarchy, ranking
beneath the Supreme Court and above the High Court. It consists of two divisions: the Criminal
Division and the Civil Division, and it hears appeals from the rulings of the High Court and some
other courts. (gov.uk,2019)
2.3. High Court
The Senior Courts of England and Wales include the Crown Court, the Court of Appeal, and the
High Court of Justice in London. For legal citation, its name is shortened to EWHC. With a few
statutory exceptions, it has supervisory jurisdiction over all lower courts and tribunals and
handles all high-value and high-importance civil law (non-criminal) cases in the first instance.
The King's Bench Division, the Family Division, and the Chancery Division are the three
divisions that make up the High Court
The King’s Bench Division Deals with issues related to judicial review, personal injury, and
business law.
The Family Division is in charge of family law matters, which include child custody, adoption,
and divorce.
The Chancery Division handles cases pertaining to intellectual property, business, property or
land, taxation, bankruptcy, insolvency, and the legality of wills
(Courts and Tribunals Judiciary, “High Court”,2023)
2.4. Crown Court
In England and Wales, the Crown Court, which has locations around the region, including the
Central Criminal Court, also referred to as the Old Bailey, handles the most serious criminal
matters. Its duties include handling "either way" offenses, which may also be referred from the
Magistrates' courts if a jury trial is selected, trying "indictable only" offenses that necessitate the
Crown Court due to their seriousness, and sentencing defendants found guilty by Magistrates'
courts when the gravity of the offense calls for more severe punishments. It also handles appeals
of rulings rendered by Magistrates' courts. (Courts and Tribunals Judiciary, “Crown Court”,2023)
2.5. Magistrate Court
Magistrates are community volunteers with training who decide criminal and family cases in the
Family Court and Magistrates' courts. District Judges hear the most complicated cases in
Magistrates' courts. (Magistrates’ courts,2023)
2.6. County Court
In England and Wales, civil (non-criminal) proceedings are handled by the County Court. Unlike
criminal cases, which involve the state prosecuting an individual, civil claims are brought by a
person or business who feels their rights have been violated. Businesses attempting to collect
debts, people claiming damages for personal injuries, and landowners seeking orders to stop
trespassing are just a few of the civil cases it handles. (Courts and Tribunals Judiciary, “County
Court”,2023)
2.7. Tribunals
The tribunals are specialized courts with members and judges that hear disputes ranging from
immigration and asylum to taxation and employment. Appeals contesting certain tribunal rulings
are heard by the Employment Appeal Tribunal and the Upper Tribunal. (Tribunals, 2023)
3. Source of law
3.1. Case law
Another name for case law is judge-made law. In common law systems, it refers to the body of
law that has been developed by judges' rulings in previous cases, or legal precedents. Legal
disputes will be brought to the senior courts for consideration and resolution. The law can be
amended or clarified in this way, and a precedent can be established that all later courts will have
to abide by. (Snook,2023)
3.2. Equity
Equity is a moral and legal principle that guarantees everyone the same treatment and
opportunities, frequently improving common law principles by allowing for flexibility in
handling certain situations. (Merriam-Webster Dictionary ,2019)
3.3. Legislation
Legislation is the process by which national, state, or municipal legislatures draft and pass laws.
In other situations, it is occasionally applied to administrative agency rules and regulations as
well as municipal ordinances passed in the course of exercising assigned legislative authority..
For example, The European Convention on Human Rights (ECHR) was incorporated into UK
legislation with the passage of the Human Rights Act 1998. The Act's primary focus was on the
necessity of giving people a way to use domestic courts to enforce their ECHR rights without
having to travel to the Strasbourg-based European Court of Human Rights. (Britannica,2018)
3.4. Customs
Customs have a special influence on how some components of the law are shaped in the UK
legal system, especially in situations where statutory law or court precedent might not offer clear
guidance. Traditional behaviors that have developed over time within a society are referred to as
customs. When acknowledged by the law, customs may have legal force behind them. In
common law jurisdictions like the UK, where the legal structure is influenced by both written
legislation and historical practices, custom plays the most important role. (Baker,2019)
3.5. Conventions
A convention is an unwritten agreement that is nearly commonly followed but not legally
binding regarding how something should be done in Parliament. In order to address a particular
procedural difficulty that has come up, a new convention is occasionally agreed upon. (UK
Parliament,2020)
3.6. Act of parliament
An Act of Parliament amends an existing law or makes a new one. An Act is a bill that has
received royal assent from the monarch after being approved by both the House of Commons
and the House of Lords. In the UK, Statute Law is the collective term for Acts of Parliament.
(UK Parliament,2019)
3.7. European Union Law
The rule of law is the foundation of the European Union. This implies that all of the EU's actions
are based on treaties that its members have democratically ratified. EU laws aid in implementing
EU policies and achieving the goals of EU treaties. Primary and secondary EU law are the two
primary categories. (European Commission,2023)
3.8. European Convention on Human Rights (ECHR)
The human rights of citizens in Council of Europe member states are safeguarded under the
European Convention on Human Rights (ECHR). The Convention has been signed by all 47 of
the Council's member states, including the United Kingdom. The "Convention for the Protection
of Human Rights and Fundamental Freedoms" is its full name. Basic human rights are protected
by the Convention's numbered "articles." Through the Human Rights Act of 1998, the United
Kingdom included these rights into its domestic legislation. (ECHR,2017)
4. Role of Government in law-making
4.1. Initial interest
The government may create papers, such as a white paper or green paper, that outline the type of
legislation that is needed. To allow interested parties (including businesses) to comment on the
ideas and add another degree of examination, the government is increasingly issuing draft and
pre-legislative laws. (House of Commons,2010)
4.2. The draft bill
Before being formally presented to Parliament, draft laws are released for public comment. This
enables suggested modifications to be made prior to the official introduction of the bill. The
majority of draft bills are government bills. Draft bills are created by government agencies and
sent to interested parties. In committees, MPs and Lords may also take them into account. (UK
Parliament, “What Is a Draft Bill?”,2024)
4.3. The first reading
The first reading, which is typically a formality and occurs without debate, is the first step in a
bill's journey through the House of Commons. A bill's first reading may occur at any point
throughout a parliamentary session. (UK Parliament, “First Reading (Commons)”,2019)
4.4. The second reading
The first chance for MPs to discuss the Bill's core ideas is during the second reading. It often
happens two weekends after the initial reading. (UK Parliament, “Second Reading
(Commons)”,2019)
4.5. The committee stage
The committee stage involves a detailed review of a Bill, typically starting within weeks of the
second reading. Public Bill Committees, which may include expert evidence, handle most Bills
and vote on amendments proposed by MPs. Every clause is examined, changed, or removed as
needed. Some Bills are reviewed by the entire House of Commons, allowing all MPs to
participate. Fast-tracked Bills receive less scrutiny, while Consolidated Fund Bills skip this stage
entirely. (UK Parliament, “Committee Stage (Commons)”,2024)
4.6. The report stage
The report stage allows all MPs to discuss and vote on further amendments to a Bill that has
passed committee stage, with debates sometimes spanning multiple days for complex Bills. MPs
can propose additional amendments or suggest new clauses on the House floor, with no fixed
timeline between the committee and report stages. UK Parliament (“Report Stage
(Commons)”,2024)
4.7. The third reading
The third reading is the final opportunity for MPs to debate a Bill’s content, usually held right
after the report stage. This brief debate focuses solely on the existing provisions within the Bill,
with no further amendments allowed. Following the discussion, MPs vote on whether to approve
the Bill at this final stage. (UK Parliament, “Third Reading (Commons)”,2019)
4.8. The House of Lord stage
Bills can be introduced in either the House of Commons or the House of Lords, progressing
through structured stages in both Houses for debate, review, and amendments. Both Houses must
agree on the final text before it receives Royal Assent from the monarch, becoming law.
Amendments are organized and published daily during committee, report, and third reading
stages, allowing grouped discussions for efficient review of proposed changes. (UK Parliament,
“Making Laws: House of Lords Stages”,2022)
4.9. The royal assent
After a bill passes all stages in both Houses, it awaits royal assent, where the King formally
approves it as an Act of Parliament, making it law. This may happen immediately, after a specific
period, or upon a commencement order by a government minister. At the end of a parliamentary
session, Black Rod summons MPs to hear royal assent announcements. Without a
commencement order, the Act takes effect from midnight on the day of assent. The responsible
government department, not Parliament, handles the Act’s implementation. (UK Parliament,
“Royal Assent”,2020)
5.Common law and statutory law apply in justice court
5.1. Common law
Common law, originating from British legal tradition, is an unwritten body of law based on
judicial precedents, allowing courts to make rulings in cases lacking clear statutory guidance.
Practiced in countries like the U.S., Canada, and the U.K., common law relies on the principle of
stare decisis—where past rulings guide decisions in similar future cases—ensuring fairness and
consistency. Judges play an active role in shaping legal rules through case law, drawing on
detailed records of previous judgments rather than an official legal code. (Chen,2022). In a
specific case involving BVNK DLT Group, if a former employee leaked confidential company
information, the judge could apply the same decision as in the past case Attorney-General v
Observer Ltd. In that case, the court ruled to protect sensitive information from further
disclosure, prioritizing confidentiality over public interest if the leak harms the entity involved
(Kirtley,2021). Similarly, BVNK DLT Group could receive a judgment preventing any further
disclosure of its proprietary information and requiring compensation for damages incurred.
5.2. Statutory law
Statutory law often referred to as written law, this body of documented legislation was
established by Parliament to control citizen behavior and uphold public order. Only once the
monarch and both houses of parliament have approved it does it become law. They are the
biggest items of legislation and cannot be overridden by other legislative bodies; they are
sometimes referred to as main laws.t. (UK Parliament, “Statute”,2019) Acts of Parliament
provide legal certainty and clarity through well-defined rules, enabling the government to
address evolving societal needs and issues. They establish the foundation for the rights and
responsibilities of individuals, companies, and other entities within the jurisdiction.
(Vaia,2024) .Because the statutory law is well crafted and reasonable in legal documents, the
court only needs to follow the pertinent legislation when deciding legal infractions. The case
involves a customer accusing BVNK DLT GROUP of failing to implement adequate security
measures, resulting in a data breach and the disclosure of sensitive financial information. The
case is assessed under the Data Protection Act 2018, which ensures compliance with the EU’s
GDPR. Key provisions include protection of personal data, security measures, and individual
rights. (Government of UK,2018). If the court finds that BVNK DLT GROUP breached these
provisions, the company may be required to compensate the customer for financial and
reputational damage. Statutory law outlines the company's responsibilities in safeguarding
customer information.
6. Impact of law on business
6.1. Company law
Company law is a body of laws that regulates the conduct, relationships, and rights of
individuals, companies, and organizations (Cambridge Dictionary, “COMPANY LAW | Meaning
in the Cambridge English Dictionary”,2019). The main law governing all businesses in the
United Kingdom is the Companies Act of 2006, and section 171 is a component of this law
(Legislation.gov.UK,2024). According to the rule, A director must only use their authority for the
purposes for which they have been granted and operate in conformity with the company's
constitution. (Legislation.gov.uk,2016). Although theoretically within the parameters of the
constitution, this obligation keeps directors from abusing their authority by acting improperly.
(Leak,2024). For example, directors must not make personal gains from company contracts or
use company information for personal benefit, and they must prevent their personal interests
from conflicting with the company's interests. For BVNK DLT Group, if a director used
company resources to benefit a separate venture without shareholder approval, this would
constitute a breach of section 171. In such a case, shareholders could take legal action, holding
the director accountable for exceeding their authority. Courts may then compel the director to
reverse their actions or compensate BVNK DLT Group for any resulting losses.
6.2. Employment law
Employment law is the body of legislation that regulates the rights and obligations of both
employers and employees in their relationship. It assists in determining the hours that employees
can work, the compensation that they can get, and the safety and suitability of the workplace.
Many laws from all levels of government are included in employment law. Owing to its vast
scope, employment law is frequently separated into various categories, including workplace
conduct, unemployment, family and medical leave, salaries, benefits, and safety. (Indeed
Editorial Team,2023) and Equality Act 2010 is included in this legislation. The Equality Act
2010 is a UK law that protects individuals from discrimination based on nine protected
characteristics, including age, disability, race, and gender. It prohibits direct and indirect
discrimination, harassment, and victimization, while allowing positive action to address
disadvantages linked to protected characteristics. The Act enforces equal pay for equal work and
mandates that public bodies consider equality impacts in their decisions, creating a framework
for fair treatment and equal opportunities across the UK. (GOV.UK,2024). Section 9 of the
Equality Act 2010 defines "race" as a protected characteristic, covering aspects such as color,
nationality, ethnic origins, and national origins. This implies that people are shielded from
prejudice on the basis of any of these racial characteristics. The clause upholds the Act's goal of
promoting equitable treatment and preventing prejudice based on racial identity by guaranteeing
that racial discrimination is prohibited in domains such as employment, education, and service
accessibility. (GOV.UK, “Equality Act 2010”,2010). For example, if BVNK DLT Group rejected
a qualified applicant because they were not of the same ethnic background as most employees,
the applicant could bring a legal claim against BVNK DLT Group. A court ruling in favor of the
applicant could require the company to compensate for damages and adjust its hiring policies,
emphasizing the importance of fair treatment in recruitment regardless of race or ethnicity.

6.3. Contract law

Contract law is the corpus of law that regulates contracts that have legal force between two or
more parties. These contracts are intended to assist parties in achieving their objectives while
preventing disagreements. (Cornell Law School,2022). Agreement is the component that only
appears when the parties make a proposal and accept it. For a contract to be enforceable, one
party must make a precise offer that is communicated to the other party, who must accept it
exactly as is. Getting legal counsel is advised due to the intricacy of contract law and its
importance in corporate operations. In addition to ensuring that you are fulfilling your legal
responsibilities, lawyers can assist in the drafting of contracts that safeguard your interests and
guide you through any potential conflicts or violations. In addition to offering advice on how to
avoid contractual problems, legal experts can assist with contract interpretation. (Khalifeh,2023)
In a hypothetical scenario involving BVNK DLT Group and contract law, suppose the company
enters into a contract with a software provider to develop a secure platform for financial
transactions. If the provider fails to deliver the platform on time or does not meet the agreed
security standards, BVNK DLT Group could claim breach of contract. Under contract law,
BVNK DLT Group would be entitled to seek remedies such as damages for losses incurred due
to the delay or inadequate performance, or even terminate the contract if the breach is serious
enough. This example highlights the importance of clear contractual terms and legal recourse
when obligations are unmet, ensuring that BVNK DLT Group's interests are protected.

7. The effectiveness of law reform

The Financial Services and Markets Act (FSMA) of 2023 was introduced to modernize and
improve the regulation of financial markets in the UK, making it more suited to current
economic and technological advancements.This Act replaces some provisions of the Financial
Services and Markets Act of 2000 and reflects the UK's new approach to financial regulation
after leaving the European Union (GOV.UK, 2023). The Financial Services and Markets Act
2023 (FSMA 2023) modernizes the UK’s financial regulatory framework post-Brexit, aiming to
strengthen its global position. Key reforms include the revocation of retained EU laws to build a
UK-centric system, creating a new Designated Activities Regime (DAR) for financial activities
that do not need full authorization, and empowering HM Treasury to regulate critical third-party
service providers essential to the financial sector. FSMA 2023 also includes a new regulatory
gateway for financial promotions, ensuring that firms promoting financial products meet specific
standards. These updates collectively promote UK competitiveness, economic growth, and
regulatory clarity. (DavisPolk,2023). To measure the effectiveness of recent reforms, BVNK
DLT Group can monitor several key indicators. Compliance Success will gauge how smoothly
BVNK can adapt to the new digital asset regulations. Tracking Market Growth will show any
expansions in BVNK’s client base or services, while Consumer Trust may be reflected by an
increase in user confidence and adoption rates. Additionally, Innovation Metrics—such as the
number of new digital products launched—will highlight the reform’s impact on digital financial
service growth, and Regulatory Feedback from industry stakeholders and government reports
will provide ongoing insights into reform implementation. (Ashurst)
However, these reforms also bring potential drawbacks. For BVNK, Compliance Costs may
increase due to added regulatory requirements, such as reporting and data management,
impacting operational expenses. There is also a risk of Slower Innovation if the regulations prove
too restrictive, making companies more cautious about developing new products.For society, the
reforms could create Barriers to Entry for Small Players; smaller fintech firms may struggle to
meet these regulatory demands, reducing competition in the sector. Additionally, there is a risk of
Overregulation, where too much control over digital asset transactions could slow the adoption
of decentralized finance, potentially limiting its benefits for broader economic and financial
inclusion efforts.
In conclusion, the Financial Services and Markets Act 2023 presents a pivotal step forward for
companies like BVNK DLT Group, as it offers a clearer regulatory framework that fosters
innovation, enhances security, and builds consumer trust in digital asset transactions. While the
reform brings significant advantages, such as increased legitimacy and market expansion, it also
imposes challenges in terms of compliance costs and potential barriers for smaller fintech firms.
However, by measuring key factors like market growth, compliance success, and consumer trust,
the reform's effectiveness can be evaluated. Ultimately, this law reform aims to create a balanced
regulatory environment that supports innovation while protecting consumers, making it a
beneficial change for both companies and society.

8. Potential impact on business through differentiation between legislation, regulations

and standards
8.1. Different roles
Legislation: Laws enacted by governing bodies, such as employment laws, set binding legal
requirements that businesses must follow. These laws define rights and responsibilities, such as
anti-discrimination practices, minimum wage, and employee rights, which directly affect hiring,
compensation, and workplace policies. (Gov.uk,2018)
Regulations: These are certain laws that specify how companies must conduct themselves in
particular domains. Regulations pertaining to health and safety, for instance, specify particular
procedures that businesses must follow in order to guarantee a secure workplace. Regulations
give clear requirements for compliance and guarantee that laws are applied consistently. (Wealth
& Finance International,2022)
Standards: Establish a standard procedure for completing any task according to the standards of
the system or service. When used frequently, this resource might guarantee good quality and
offer clear instructions. (bsi.,2024)
8.2. Relationships Among Them
Legislation provides a foundational legal framework, while regulations outline specific
enforceable rules derived from it. Standards, although not legally binding, can enhance
compliance and establish best practices, as often cited in regulatory frameworks (Department for
Business, Energy & Industrial Strategy,2023)
8.3. Impact on Business Operations
Legislation has a broad impact on business operations by setting non-negotiable rules, such as
employment laws, which shape HR practices and legal responsibilities towards employees
(Bainbridge, 2019). Regulations affect operational details, such as safety and reporting standards,
directly influencing daily procedures and resource management (Mansfield, 2021). Standards,
like ISO certifications, can improve operational efficiency and build customer trust, providing a
competitive edge (International Organization for Standardization, 2020).
Applying health and safety regulations within BVNK DLT Group, an organization in the digital
asset sector, could be seen as a key initiative to comply with relevant legal standards. For
instance, adhering to health and safety legislation helps protect employee well-being, reduce
incidents, and may contribute to BVNK's reputation as a responsible employer. Furthermore,
adopting ISO 45001—a globally recognized occupational health and safety standard—could
enable BVNK to go beyond legal compliance. Implementing ISO 45001 can result in improved
workplace safety, foster a positive organizational culture, and enhance productivity by lowering
accident-related downtime (ISO, 2018). This compliance and commitment to international
standards benefit both employees and the organization, as they promote a safer working
environment and contribute to operational efficiency, which is especially valuable in high-stakes
financial sectors (Leflar and Siegel, 2013).
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