Australian Court Rejects ASIC’s Attempts To Classify Blockchain As Financial Product

The post Australian Court Rejects ASIC’s Attempts To Classify Blockchain As Financial Product appeared first on Coinpedia Fintech News

In 2022, ASIC sued BPS, asking the court to rule that the entire Qoin project, the token, blockchain, and wallet, was a financial product that required a license. However, The court clarified that blockchain was not part of the financial product and disagreed ASIC’s allegation that the Qoin Blockchain and the Qoin Wallets constituted one single scheme. Experts said that the court rejected ASIC’s attempts to have an entire blockchain found to be part of a “financial product” under Australian law. Blockchain Australia Chair and Digital Assets Lawyer Michael Bacina find this as an important judicial recognition of blockchains as a foundational technology.