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Briefing on Legal Remedies for Victims of Fraud Involving Immutable Blockchain Transactions in Jersey

25/10/2024
  1. Introduction
    1. The decentralized nature of blockchain and the immutability of tokenised transactions present significant challenges for victims of fraud.
    2. These characteristics limit traditional recourse options, making recovering assets or seeking justice difficult.

This briefing explores whether Jersey currently has or will have legal remedies for victims of fraud involving immutable blockchain transactions.

    2. Current Legal Framework in Jersey

    1. Jersey's sophisticated and robust legal system recognises fraud (dol) as a customary law crime and a defect that can invalidate transactions.
    2. This recognition is crucial for addressing fraudulent activities involving blockchain transactions.

    3. Specific Provisions for Blockchain and Cryptocurrency: Jersey has proactively regulated blockchain              and cryptocurrency.

    1. The legal requirements include government attitude, definition, taxation, money transmission laws, and AML requirements.

However, the legal remedies for immutable blockchain transactions are still evolving.

  1. Challenges and Limitations
    1. The decentralised and immutable nature of blockchain transactions poses unique challenges.
    2. Traditional legal frameworks are often ill-equipped to handle these transactions, leading to legal uncertainty.
    3. Efforts are being made to establish guidelines and regulations to allocate liability appropriately within the blockchain ecosystem.
  1. Potential Future Developments
    1. Jersey will likely continue developing its legal framework to address blockchain technology's challenges.
    2. This may include the establishment of a technology-neutral regulatory regime that accommodates blockchain's decentralised and immutable characteristics.
  1. Conclusion
    1. While Jersey currently has a robust legal framework for addressing fraud, the specific legal remedies for immutable blockchain transactions are still evolving.
    2. The jurisdiction is likely to adapt its laws to provide more effective recourse for victims of fraud involving blockchain transactions.

References

JERSEY

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As well as owning and publishing Comsure's copyrighted works, Comsure wishes to use the copyright-protected works of others. To do so, Comsure is applying for exemptions in the UK copyright law. There are certain very specific situations where Comsure is permitted to do so without seeking permission from the owner. These exemptions are in the copyright sections of the Copyright, Designs and Patents Act 1988 (as amended)[www.gov.UK/government/publications/copyright-acts-and-related-laws]. Many situations allow for Comsure to apply for exemptions. These include 1] Non-commercial research and private study, 2] Criticism, review and reporting of current events, 3] the copying of works in any medium as long as the use is to illustrate a point. 4] no posting is for commercial purposes [payment]. (for a full list of exemptions, please read here www.gov.uk/guidance/exceptions-to-copyright]. Concerning the exceptions, Comsure will acknowledge the work of the source author by providing a link to the source material. Comsure claims no ownership of non-Comsure content. The non-Comsure articles posted on the Comsure website are deemed important, relevant, and newsworthy to a Comsure audience (e.g. regulated financial services and professional firms [DNFSBs]). Comsure does not wish to take any credit for the publication, and the publication can be read in full in its original form if you click the articles link that always accompanies the news item. Also, Comsure does not seek any payment for highlighting these important articles. If you want any article removed, Comsure will automatically do so on a reasonable request if you email info@comsuregroup.com.  

news disclaimer -

As well as owning and publishing Comsure's copyrighted works, Comsure wishes to use the copyright-protected works of others. To do so, Comsure is applying for exemptions in the UK copyright law. There are certain very specific situations where Comsure is permitted to do so without seeking permission from the owner. These exemptions are in the copyright sections of the Copyright, Designs and Patents Act 1988 (as amended)[www.gov.UK/government/publications/copyright-acts-and-related-laws]. Many situations allow for Comsure to apply for exemptions. These include 1] Non-commercial research and private study, 2] Criticism, review and reporting of current events, 3] the copying of works in any medium as long as the use is to illustrate a point. 4] no posting is for commercial purposes [payment]. (for a full list of exemptions, please read here www.gov.uk/guidance/exceptions-to-copyright]. Concerning the exceptions, Comsure will acknowledge the work of the source author by providing a link to the source material. Comsure claims no ownership of non-Comsure content. The non-Comsure articles posted on the Comsure website are deemed important, relevant, and newsworthy to a Comsure audience (e.g. regulated financial services and professional firms [DNFSBs]). Comsure does not wish to take any credit for the publication, and the publication can be read in full in its original form if you click the articles link that always accompanies the news item. Also, Comsure does not seek any payment for highlighting these important articles. If you want any article removed, Comsure will automatically do so on a reasonable request if you email info@comsuregroup.com.