Full Federal Court of Australia Backs Crypto Lender Block Earner 

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The Full Federal Court of Australia has ruled in favor of crypto lender Block Earner in a significant legal battle with the Australian Securities and Investments Commission (ASIC).

The court overturned prior decisions, declaring that Block Earner’s crypto product does not require a financial services license.

This ruling sets a precedent for the regulation of blockchain-based financial products in Australia.

ASIC argued that Block Earner’s “Earner” product was a regulated financial instrument necessitating a license. However, the court concluded that it functioned as a fixed-term loan system rather than an investment product.

The court dismissed ASIC’s appeal, found no regulatory violations by Block Earner, and ordered ASIC to pay legal costs.