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ARTICLE · 07 MAY 2024

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Federal Court's decision flips Qoin but clarifies the regulatory perimeter

Piper Alderman
Piper Alderman
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Piper Alderman

Piper Alderman

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Discusses outcomes of recent blockchain case.

AustraliaTechnology
Michael Bacina
Michael Bacina
Luke Higgins
Luke Higgins
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Michael Bacina and Luke Higgins of the Piper Alderman Blockchain Group bring you the latest legal, regulatory and project updates in Blockchain and Digital Law.

After first commencing a civil action against BPS Financial Pty Ltd (BPS) in October 2022, ASIC has won a key liability hearing in the Federal Court of Australia after Justice Downes found that BPS engaged in unlicensed conduct when offering the "Qoin Wallet" to consumers, however the Court made an important rejection of ASIC's attempts to have an entire blockchain found to be part of a "financial product" under Australian law. Only the centralised wallet, called Qoin Wallet, was found to be a financial product, with the balance of a (not very) decentralised blockchain which processed transactions left out of the definition.

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