Australia court sets precedent for crypto in non-cash payments

CoinMarketCap05-03

Australia’s securities regulator has marked its first court victory, setting a precedent regarding a non-cash payment facility involving crypto. The Australian Securities & Investments Commission (...

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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nAustralia court sets precedent for crypto in non-cash payments\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-05-03 16:39 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://coinmarketcap.com/community/articles/6634a2d23328d21406a24574/><strong>CoinMarketCap</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Australia’s securities regulator has marked its first court victory, setting a precedent regarding a non-cash payment facility involving crypto.\nThe Australian Securities & Investments Commission (...</p>\n\n<a href=\"https://coinmarketcap.com/community/articles/6634a2d23328d21406a24574/\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"BK4588","symbol_name":"碎股","start_time":0,"source_url":"https://coinmarketcap.com/community/articles/6634a2d23328d21406a24574/","article_id":"2432928415","we_media_id":null,"thumbnails":["https://academy-public.coinmarketcap.com/srd-optimized-uploads/db1a89ea6d324d05a7a9c6ff1c580dd7.webp"],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2432928415","pubTimestamp":1714725584,"sourceInfo":{"source_id":"coinmarketcap_highlight","name":"CoinMarketCap"},"weMediaInfo":null,"summary":"Australia’s securities regulator has marked its first court victory, setting a precedent regarding a non-cash payment facility involving crypto. The Australian Securities & Investments Commis","collect":0,"end_time":0,"defaultTopTitle":"coinmarketcap.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"BK4588":"碎股","LU1854103824.USD":"M&G (LUX) POSITIVE IMPACT \"A\" (USD) INC","LU1861220033.SGD":"Blackrock Next Generation Technology A2 SGD-H","LU2357305700.SGD":"Allianz Global Artificial Intelligence ET H2-SGD","BK4141":"半导体产品","BK4512":"苹果概念","LU1861215975.USD":"贝莱德新一代科技基金 A2","LU1854104046.USD":"M&G (LUX) POSITIVE IMPACT \"A\" (USD) ACC","LU1720051108.HKD":"ALLIANZ GLOBAL ARTIFICIAL INTELLIGENCE \"AT\" (HKD) ACC","LU1720051017.SGD":"Allianz Global Artificial Intelligence AT Acc H2-SGD","LU0348723411.USD":"ALLIANZ GLOBAL HI-TECH GROWTH \"A\" (USD) INC","ON":"安森美半导体","BK4585":"ETF&股票定投概念","LU1548497426.USD":"安联环球人工智能AT Acc"},"translate_title":"澳大利亚法院为非现金支付中的加密开创先例","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"ON":0.9},"content_text":"Australia’s securities regulator has marked its first court victory, setting a precedent regarding a non-cash payment facility involving crypto.\nThe Australian Securities & Investments Commission (ASIC) has set a legal precedent in the local crypto market after the Federal Court found that BPS Financial (BPS) engaged in unlicensed conduct when offering the Qoin Wallet, a non-cash payment product that used a token called Qoin.\nIn a press release on May 3, ASIC said the court determined that BPS lacked the necessary financial services license “nor was authorised by a licence holder, to issue or provide financial advice about the Qoin Wallet.”\n\n“Justice Downes also found BPS engaged in misleading or deceptive conduct and made false or misleading representations concerning the Qoin Wallet.”\nASIC\n\nYou might also like:  Indonesia and Australia sign agreement on crypto taxation \nThe ruling highlighted that BTX, the sole crypto exchange that was accepting Qoin tokens, lacked independence from BPS and didn’t allow for the exchange of various altcoins.\nASIC Chair Joe Longo underscored the significance of the ruling, marking the first court case against a crypto-based non-cash payment facility. He also added that the proceedings “should send a message to the crypto industry that their products will continue to be scrutinised by ASIC to ensure consumers are protected and that they comply with regulatory obligations.”\nThe court has instructed both parties to work together to determine the next steps for further hearings, which will address remaining issues including penalties. A date for the hearing will be set later in 2024.\nIn another development, ASIC is seeking to challenge the Federal Court’s decision to dismiss the regulator’s case against Finder Wallet, a subsidiary of Finder.com. The lawsuit, initiated in December 2022, accused Finder Wallet of providing financial services without holding an Australian Financial Services license.\nRead more:  Australia to launch spot Bitcoin ETFs by end of 2024: Bloomberg","kind":null,"is_publish_news":null,"is_publish_highlight":null,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.22.4","shortVersion":"4.22.4","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2432928415"}