Judge J Downes ruled in favor of ASIC's Unlicensed Conduct Case against BPS, except for the period when BPS was an authorized representative, stating that blockchain was not part of the financial product.
The court disagreed with ASIC's claim that the Qoin Blockchain and Qoin Wallet constituted one scheme, marking an important rejection of considering an entire blockchain as a 'financial product' under Australian law.
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