ASIC claimed in part of this case that the Qoin Wallets and the Qoin Blockchain were a single scheme, however the court rejected this claim.

According to court records and the regulator's release, Australia's markets regulator won the most of its Friday case against BPS Financial Pty Ltd (BPS) on its Qoin scheme.

ASIC "succeeded on its Unlicensed Conduct Case, other than in relation to the period during which BPS was an authorised representative of PNI Financial Services Pty Ltd," according to Judge J. Downes' ruling.

PNI Financial Services Pty Ltd is the licence holder for non-cash payments. That lasted for ten months, according to ASIC.

ASIC sued BPS in 2022, requesting that the court declare that the whole Qoin project, the token, blockchain, and wallet, was a financial product that required a license

ASIC has had both wins and losses in Australia as it increases regulatory control through legal actions.

ASIC claimed that the Qoin Blockchain and the Qoin Wallets comprised a single scheme, but the court rejected this claim.

"Contrary to ASIC’s submissions, the Qoin Blockchain, a means of acquiring Qoin and a means whereby business operators who hold Qoin Wallets can register as Qoin Merchants are not components of, and are not themselves, the mechanism which allows the user to make the non-cash payment," the order said.

Experts stated that the court rejected ASIC's attempts to have the entire blockchain declared to be a "financial product" for purposes of Australian law, which was a significant decision.

"This is a significant legal acknowledgment of blockchain technology as foundational technology where the use of the technology if it breaches the law, can (and should) be prosecuted, but the technology itself stands separate," said Blockchain Australia Chair and Digital Assets Lawyer Michael Bacina.

The order asked ASIC and BPS to confer and agree on a form of an order that would resolve the remaining questions, including penalties for later this month.