Block Earner Lianchuang: The previous setback of the regulatory agency ASIC will promote the Australian encryption legislation process

Charlie Karaboga, co-founder of Australian crypto startup Block Earner, believes that regulation through enforcement actions often produces the worst results, not only for regulators but also for users, as it brings a stain to industry companies. Karaboga stressed that while regulators have an obligation to protect consumers and investors, they must distinguish between malicious actors and well-intentioned innovators when performing their tasks. At the same time, Karaboga said that stakeholders in the Australian cryptocurrency market hope that the court's decision not to punish Block Earner will encourage the Australian Securities and Investments Commission (ASIC) to take a less aggressive stance. Similarly, stakeholders expect ASIC's setback will prompt Parliament to establish "clear rules that allow us to legally operate our business here." (Bitcoin.com) Earlier news, the Australian Federal Court exempted the fintech company Block Earner from a fine after the court ruled that the company provided a cryptocurrency income product without a financial services license. On June 4, Judge Ian Jackman ruled that Block Earner "acted in good faith" and did consider obtaining a license when its income product "Earner" was launched, but its research and legal advice believed that it did not need a license. Block Earner founder and CEO Charlie Karaboga said obtaining legal advice before launching the product "showed that we acted honestly and did everything we could as a startup." The judge rejected a $234,000 (A$350,000) penalty sought by the Australian Securities and Investments Commission (ASIC). ASIC said in a press release on June 4 that it was reviewing the decision.