The Australian Securities & Investments Commission (ASIC) reported that the Full Federal Court allowed Block Earner’s appeal, finding it did not need an Australian financial services (AFS) licence to offer its digital asset-related Earner product. The decision overturns the earlier Federal Court finding that the Earner product was a financial product. ASIC’s appeal against the separate Federal Court decision that relieved Block Earner from liability to pay a penalty for unlicensed conduct was dismissed, because once the Full Court found the Earner product was not a financial product it considered there was no need to determine the penalty-relief issue. The Full Court also ordered ASIC to pay costs of the proceedings, including the appeals. ASIC is considering the decision.
Australian Securities & Investments Commission 2025-04-22
Australian Securities & Investments Commission reports Full Federal Court finds Block Earner did not need an AFS licence for its Earner product
The Australian Securities & Investments Commission (ASIC) announced that the Full Federal Court allowed Block Earner’s appeal, ruling its digital asset-related Earner product doesn't require an Australian financial services licence, overturning a previous decision. ASIC's appeal on Block Earner's liability for unlicensed conduct was dismissed, as the penalty-relief issue was deemed moot. ASIC must pay the proceedings' costs and is reviewing the decision.