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Jersey Consultation on Digital Assets: SMART CONTRACTS, DATA ASSETS & DAO

25/04/2024

The Jersey Law Commission has issued a Scoping consultation paper on its proposed digital assets reform project dealing with:-

  • SMART CONTRACTS,
  • DATA ASSETS &
  • DECENTRALISED AUTONOMOUS ORGANISATIONS [DAO]

This Scoping Consultation Paper (the “Consultation”) is not exhaustive regarding matters affecting digital assets and Jersey law.

Concerning the central topic, the enforceability of smart contracts in Jersey, the key issues are:

  • Whether smart contracts are capable of being recognised and enforceable in Jersey as valid legal contracts, so-called “smart legal contracts”;
    • If yes, whether this should be subject to any specific conditions, including consumer protection provisions such as requiring “translations” into human-readable (“parsable”) language;
  • Whether any specific rules are required to apply only to smart legal contracts; and
  • Whether Jersey needs to recognise the concept of an electronic agent.

Concerning the secondary subjects of DAOs and data objects, the key questions are:

  • Whether Jersey needs to recognise the concept of a DAO as a vehicle offered under Jersey law and
    • If yes, what form should that take, and
  • Should Jersey also consider recognising a new category of personal property rights like the “DATA OBJECT” proposed by the Law Commission in England and Wales?

The consultation also addresses:-

  • The concept of digital objects and decentralised autonomous organisations and whether Jersey law should recognise these.

Have your say by 16 June 2024.

For the full text, see:

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.