Australian financial regulator will seek the permission of the high court’s permission to appeal to a ruling preparing a fintech firm Fintech firm, who found crypto-related service-related services in service is not a financial product.
The Australian Securities and Investment Commission (ASIC) Says On May 21 it would like to ask the Australian High Court to clarify what a financial product means and clarify the circumstances when a Product that earns interest and the converting of possessions from one form to another is controlled.
“The meaning of the financial product is drafted in a broad and technology-neutral way, and ASIC believes that it is in the public’s interest to clarify it,” the guard said.
“This clarification is important because it applies to all financial and service products whether they involve crypto assets or not.”
On April 22, the justices of the Federal Court were found by David O’Callaghan, Wendy Abraham and Catherine Button the block earner’s crypto-link fixed product is not a financial producta managed investment scheme or a derivative under the Corporations Act.
ASIC said the court would consider its application. Special vacation is Required In an appeal to the High Court, and it is only provided in cases where it will answer important legal questions or objects of interest to the public.
Block spokesman Cointelegraph said the matter is now rising in a “wider legal question” around the sense of a financial product, which extends “well beyond the block earner, and crypto sector.”
“We believe that the entire decision of the Federal Court’s April is a strong and orderly decision that promotes the integrity of our operation,” the spokesman said. “We remain confident in the proper judgment of that judgment and will respond to the ASIC application through appropriate legal channels.”
Legal Saga that has been going on since 2022
ASIC initially launched legal proceedings against the block earner in November 2022, focusing on the company that needed a financial service license to offer a harvest product available from March 17, 2022, until the company closed it on November 16, 2022.
Related: Australia outlined the crypto regulation plan, promising dedicated action
In February 2024, an Australian The court first decided the Fintech firm Will need a financial service license to operate it Crypto -carrying products.
Another June 2024 ruling in Australia’s federal court Released Block Earner from any financial penalties Because it “acted honestly” and pursued its legal opinions before launching the products, which appealed to ASIC.
Block Earner appealed to the federal court’s decision that he needed a financial service license on July 9, 2024.
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