Australian Court Hands Win to Market Regulator in Case Against Qoin Blockchain, But There is a Catch
Summary
Australian Federal Court ruled mostly in favor of ASIC in the case against BPS Financial Pty Ltd over its Qoin scheme. The court found that Qoin project, token, blockchain, and wallet were not a financial product requiring a license. The court rejected ASIC's attempt to classify the entire blockchain as a financial product. ASIC and BPS are to agree on penalties. This ruling is seen as an important recognition of blockchains as separate from their use in breaching the law.
