ASIC
The Full Court of the Federal Court has dismissed ASIC’s appeal in the Finder Wallet case relating to a crypto-asset related product Finder Earn.
The ruling upheld the original decision of the Federal Court, which found that the Finder Earn product was not a debenture and therefore Finder Wallet (now Wallet Ventures Pty Ltd) had not breached the Corporations Act, as alleged by ASIC.
This decision highlights the challenges in the current regulatory framework concerning debentures and the application of the existing financial services regime to products involving crypto assets.
ASIC is carefully considering the decision and its implications.
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