According to ChainCatcher, citing The Block, the High Court of Australia has issued a unanimous ruling in the case involving Block Earner. The court found that Earner, a fixed-yield digital asset product previously offered by Block Earner, falls within the category of regulated financial products. As a result, offering the product required an Australian financial services license.
The case centered on how Earner should be classified under Australia’s financial regulatory framework and whether the service required licensing. In its ruling, the High Court backed the appeal brought by the Australian Securities and Investments Commission, known as ASIC, and confirmed that the product should be treated as a regulated financial product.
The decision also overturned an earlier lower-court ruling that had been more favorable to Block Earner. Under the High Court’s conclusion, providing a product such as Earner without holding the required Australian financial services license would not meet the applicable licensing requirements.