Australia’s Financial Regulatory will take the permission of the High Court for the permission of the High Court, which is in favor of a low court verdict to the Fintech firm block earning, which found that the company’s crypto-linked fixed-film earned service is not a financial product.
Australian Securities and Investment Commission (ASIC) Said On 21 May, he wants to tell the High Court of Australia to clarify what is the definition of a financial product and clarify the circumstances when an interest-kamai product and the conversion of assets from one form to another is regulated.
“The definition of financial product was designed in a broader and technology-plated manner, and ASIC believes in public interest to clarify,” Watchdog said.
“This explanation is important because it applies to all financial products and services whether they include Crypto-AST.”
On 22 April, Federal Court Justice David O’Claghan, Wendy Abraham and Catherine Button found that the Crypto-Linked Fixed-Fixed-Earned Products of Block Arner is not derived under a financial product, a managed investment scheme, or the Corporation Act.
ASIC said that the court would consider its application. Special holiday Necessary In an appeal in the High Court, and it is provided only in cases where it will answer important legal questions or matters of public interest.
A Block Arjak spokesperson said cointelegraph The case has now increased to a “comprehensive legal question” around the definition of a financial product, which “block -earning and is well extended beyond the Crypto sector.”
The spokesperson said, “We believe that the April’s decision of the entire federal court was a strong and well -made decision that retained the integrity of our operation.” “We are confident in the sound of that decision and will respond to the application of ASIC through appropriate legal channels.”
Legal saga has been going on since 2022
ASIC first initiated legal proceedings against the Block Arjak in November 2022, arguing that the company requires a financial services license to offer its produce product that was available since March 17, 2022, until the company shut down it on 16 November, 2022.
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In February 2024, an Australian court initially ruled that the Fintech firm would need a financial services license to operate its crypto produce-bearing products.
The decision of Australia in the federal court of June 2024 issued a block arjak with any financial penalty as it “worked honestly” and chased its legal opinion before launching the products, which the ASIC appealed.
Block Arjak appealed for the decision of the federal court that he needed a financial services license on 9 July 2024.
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