The case isn't the first time ASIC has targeted the crypto industry. Last month, it"Simply because a product hinges on a crypto-asset, does not mean it falls outside financial services law," ASIC Deputy Chair Sarah Court said in the statement. The regulator is seeking declarations, injunctions and pecuniary penalties. A hearing has not yet been scheduled.
Michael Bacina, a partner at law firm Piper Alderman said the alarm around such financial products had already been sounded in the past few months. “Crypto-products offering a percentage return are on a high risk of being seen to be a financial investment or managed investment scheme, even if they are structured as a loan arrangement,” he said.
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