Australian High Court Rules Block Earner's Digital Asset Product Requires Financial Services License

CoinFeed June 17 news, according to The Block, the Australian High Court unanimously ruled 7-0 in favor of the Australian Securities and Investments Commission (ASIC) appeal regarding Block Earner's previously launched fixed-yield digital asset product, determining that the issuance of the product requires an Australian financial services license under current law. The High Court stated in a court document that the product offered by Web3 Ventures Pty Ltd, operating as Block Earner, is both a financial investment vehicle and meets the definition of a derivative, as investors' returns fluctuate with the value of the underlying digital assets and exchange rates. The case will be remitted to the Full Federal Court to rule on ASIC's appeal regarding penalty issues from the previous Federal Court proceedings.