The Commercial Bar Association of Victoria Inc. A0120851O
In ASIC v Web3 Ventures Pty Ltd [2024] FCA 64, the Federal Court of Australia (Jackman J) considered whether two cryptocurrency products offered by Block Earner (one a ‘DeFi’ product) were regulated under the Corporations Act 2001 (Cth) (Act). The judgement gives valuable guidance to advisers of crypto platforms and users.
The case concerned whether personal financial advice was provided in the context of phone calls designed to encourage consolidation of super accounts. The High Court found that it was, and in the process shed light on the definitions of “financial advice” and “personal advice” in the Corporations Act.
On 17 October, APRA announced it would not be appealing the decision of Jagot J in its case against five IOOF group officials and two IOOF group entities. The present article sets out shortly the facts of the case, the outcome, and the potential for APRA to seek to reverse the judgment in whole or in part.