Australian Court Overturns ASIC’s Classification of Yield-Bearing Crypto Products

A landmark decision by the Australian Federal Court has overturned the Australian Securities and Investments Commission (ASIC)’s classification of certain yield-bearing crypto products, significantly impacting cryptocurrency regulation in Australia. The court ruled that Block Earner’s ‘Access’ and ‘Earner’ products, which offered users yield on deposited cryptocurrencies, did not fall under existing definitions of financial products or derivatives under Australian law. This ruling has significant implications for the broader landscape of crypto regulations in Australia.