INSUBCONTINENT EXCLUSIVE:
Commission said on May 21 that it wants to ask the High Court of Australia to clarify what the definition of a financial product is and
definition of financial product was drafted in a broad and technology-neutral way, and ASIC believes it is in the public interest to clarify
crypto-linked fixed-yield earning product is not a financial product, a managed investment scheme or a derivative under the Corporations
Act.ASIC said the court will consider its application
first launched legal proceedings against Block Earner in November 2022, arguing the company needed a financial services license to offer its
yield product, which was available from March 17, 2022, until the company shut it down on Nov
16, 2022.Related: Australia outlines crypto regulation plan, promises action on debankingASIC was arguing Block Earner needed a financial
services license to offer its crypto-linked fixed-yield earning product
Source: ASICIn February 2024, an Australian court initially ruled the fintech firm would need a financial services license to operate its
