Australian Federal Court Rules in Favor of Block Earner

Australia’s Full Federal Court has granted an appeal by digital asset provider Block Earner, ruling that it did not require a financial services license to offer its digital asset-related Earner product.

This decision overturns the earlier ruling that classified Block Earner’s product as a financial product.

The Australian Securities and Investments Commission (ASIC) had appealed the initial decision which relieved Block Earner from paying penalties for offering unlicensed financial services.

However, with Block Earner’s successful appeal, the Full Court deemed it unnecessary to address the penalty issue and dismissed ASIC’s appeal.

The court ordered ASIC to cover the costs of the proceedings, including appeals. ASIC is currently reviewing this decision.