Australian Court Upholds Block Earner’s Status as Loan Provider

A significant victory for the crypto industry has been secured in Australia with the dismissal of ASIC’s appeal, which had sought to penalize Block Earner for its “Earner” product. The Full Federal Court ruled that the product is a loan agreement, not a regulated investment scheme under Australian law. ASIC initially pursued action against Block Earner on claims it functioned as a financial product requiring licensing. This ruling marks a significant step towards clarity in crypto regulation within Australia.