Carey Olsen has advised TreasurySpring Management (Jersey) on the legal groundwork for a Jersey first: recording ownership of shares issued by a Jersey company directly on a public blockchain.
The programme will use the Canton Network, a privacy-enabled blockchain, to maintain the core ownership component of the register for TreasurySpring’s Fixed-Term Fund Shares (FTFs).
The programme builds on Jersey’s established companies law framework, with recent amendments providing additional flexibility for electronic share transfers. It demonstrates how Jersey’s flexible cell company regime can support blockchain-based ownership records within established fund structures.
Carey Olsen advised on the Jersey legal and regulatory framework for the proposed register model, including the relationship between on-ledger ownership entries and off-ledger holder records.
The team was led by partner Christopher Griffin (pictured), supported by partner James Willmott and regulatory specialist lawyer Sophie Hancock.
In September 2026, TreasurySpring became a Super Validator on Canton, reflecting its long-term commitment to the privacy-enabled blockchain network and its institutional financial infrastructure.
FTFs are issued by TreasurySpring’s bankruptcy-remote issuing vehicles, with each FTF linked to a single underlying cash-equivalent, high-grade fixed-income asset with a specified maturity date. The planned register model will enable ownership records for a material and growing proportion of newly issued FTFs to be maintained on Canton.
The first phase will operate as a back-end infrastructure upgrade, preserving the existing client experience without the need for clients to operate a wallet or manage cryptographic keys themselves, while laying the groundwork for future third-party wallet-enabled functionality.
The planned register application will use smart contracts designed to be compatible with the Canton Network Token Standard, introduced by CIP-56, supporting future integration with approved wallets and financial applications.
Christopher Griffin said: “This groundbreaking programme marks a major milestone for Jersey’s digital assets industry. TreasurySpring’s programme shows how Jersey’s flexible cell company regime can support the use of blockchain infrastructure within established fund structures at institutional scale, while preserving the legal certainty, regulatory oversight and operational safeguards expected by global financial markets. We are proud to have supported TreasurySpring in establishing the legal groundwork for this programme, which cements Carey Olsen’s reputation as a leading adviser for digital assets and regulatory matters in Jersey.”
Matthew Longhurst, co-founder and chief innovation officer at TreasurySpring, commented: “Institutions are looking for ways to mobilise high-quality financial assets more efficiently without compromising privacy, control or legal certainty. Jersey’s legal framework and Carey Olsen’s expertise have provided a strong foundation for this programme. Integrating the core ownership component of the FTF register with Canton will establish a production model for sustained ledger activity while preserving the safeguards clients rely on today.”
Elliot Refson, head of funds at Jersey Finance, added: “Jersey has a long track record of combining innovation with the robust legal, regulatory and governance standards expected of a leading international finance centre. As asset managers and funds increasingly adopt digital infrastructure, Jersey’s depth of expertise and pragmatic approach mean the Island is well positioned to support that transition responsibly and at scale.
“TreasurySpring’s work with Canton is an excellent example of how established fund structures can embrace new technology in practice, while maintaining the standards and protections expected by institutional investors. We believe digital innovation has significant potential to transform financial markets, improving efficiency and connectivity while maintaining the robust governance and investor protections that underpin confidence.”
