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Australia's ASIC Wants to Appeal Court's Decision on Block Earner's Access Product
- ASIC is applying to the High Court for permission to challenge the Full Federal Court’s April 2024 decision that Block Earner’s crypto-related Access offering does not qualify as a financial product.
- The appeal follows ASIC’s February 2024 action asserting that Block Earner was required to hold a financial services license to lawfully provide its fixed-yield cryptocurrency offerings under regulatory compliance.
- Block Earner, trading as Web3 Ventures and registered with AUSTRAC, offered the yield product in 2022 and was fined $350,000 before the Federal Court later freed it from penalties in June 2024.
- ASIC argues for clarifying the broad, technology-neutral definition of 'financial product' to include crypto and non-crypto products, stating this applies to all financial services nationwide.
- The appeal’s outcome could impact ASIC’s regulatory reach over crypto assets and financial products, influencing future licensing requirements and market oversight in Australia.
12 Articles
12 Articles
Australia's ASIC Wants to Appeal Court's Decision on Block Earner's Access Product
The Australian Securities and Investments Commission (ASIC) is seeking leave to appeal a High Court decision that fintech company Block Earner's Access product is not a financial product.The High Court in March 2024 dismissed ASIC's allegations that Block Earner had engaged in unlicensed financial services by offering its decentralized finance (DeFi) product Access.ASIC is seeking clarification on how a financial product is defined which it feel…
ASIC ramps up audit scrutiny and sustainability reporting ahead of FY 2025–26
The ASIC has outlined its key focus areas for financial reporting and audit surveillance for the 2025–26 financial year. The move reinforces ASIC’s ongoing efforts to raise the standard of financial disclosures and audit quality across the country’s regulated entities. ASIC Commissioner Kate O’Rourke said the aim is to support integrity and transparency in corporate Australia. “These surveillance programs aim to enhance the integrity and quality…
Australian Regulator Appeals Ruling on Block Earner Crypto Offering – Legal Bitcoin News
An Australian regulator announced plans to seek special leave from the High Court to appeal a recent ruling that determined cryptocurrency firm Block Earner’s offering was not a financial product. ASIC Seeks Definitive Ruling on What Constitutes a Financial Product The Australian Securities and Investments Commission (ASIC) has announced that it will seek special leave […]
Australian regulator asks High Court to allow appeal in Block Earner case - WorldNL Magazine
A Block Earner spokesperson told Cointelegraph that ASIC's case against the firm has escalated to a “broader legal question” around the definition of a financial product. Australia’s financial regulator will seek the High Court’s permission to appeal a lower court’s ruling favoring fintech firm Block Earner, which found the company’s crypto-linked fixed-yield earning service is not a financial product.The Australian Securities and Investment Com…
ASIC seeks definitive High Court ruling on ‘financial products’ - Financial Newswire
In what will represent an important test case of its reach with respect to crypto, the Australian Securities and Investments Commission (ASIC) is launching a High Court appeal against the Block Earner Full Federal Court decision. The regulator said it was launching the appeal to obtain the High Court’s ruling on what falls within the definition of “financial product” and to clarify when interest-earning products and products involving a conversi…
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