Australia's markets regulator, the Australian Securities and Investments Commission (ASIC), has mostly won its case against BPS Financial Pty Ltd (BPS) over its Qoin scheme. The Australian Federal Court ruled in favor of ASIC, except for the period during which BPS was an authorized representative of PNI Financial Services Pty Ltd. The court clarified that blockchain was not part of the financial product, rejecting ASIC's attempts to have an entire blockchain found to be part of a "financial product" under Australian law. The order asked ASIC and BPS to agree on a form of an order that would resolve the remaining questions, including penalties for later this month.
Australian Court Mostly Rules in Favor of Regulator in Case Against BPS Financial Over Qoin Scheme
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