Block Earner has become the first crypto company to secure an ACL from the Australian Securities and Investments Commission (ASIC).
Described by the company as a “significant step” for digital assets in Australia, the decision makes it the first digital asset platform in Australia authorised to offer credit products under its own licence.
This development follows Block Earner’s launch of Australia’s first Bitcoin-backed home loan in July last year, which has since attracted more than $500 million in mortgage demand at the waitlist stage.
Block Earner co-founder and CEO Charlie Karaboga said it represents a “milestone” for the company as well as the broader digital asset industry.
“We welcome ASIC’s continued progress in providing a clear pathway for firms in this space. Digital assets are becoming an increasingly common store of wealth for Australians.
“As that happens, it is important that products built around those assets are brought within established regulatory frameworks that support transparency, responsible lending and appropriate consumer protections,” Karaboga said.
The company will now conduct its lending activities under its own ACL, which enables it to originate, underwrite and offer regulated credit products directly. Prior to this, Block Earner had operated as a credit representative of existing ACL holder, Mortgage Direct, under ASIC’s regulatory framework.
Upon receiving the licence, Block Earner announced the appointments of Charlie Karaboga and James Coombes as Responsible Managers.
“Operating with strong governance and responsible lending has always been our priority. As a registered Virtual Asset Service Provider (VASP) now holding an ACL, we are proud to be shaping a compliant, disciplined future for the digital asset economy in Australia and globally,” Karaboga added.
Block Earner also said it is progressing an Australian Financial Services Licence (AFSL) as part of its broader regulatory roadmap, ahead of Australia’s Digital Assets Framework.
Earlier this month, the corporate watchdog urged digital asset businesses to apply by 30 June 2026 for either a new licence or a variation to their existing AFSL before ASIC’s no-action position expires, warning that failure to do so could place firms in breach of financial services laws.
The warning follows ASIC’s April roadmap to bring digital assets into Australia’s broader financial services framework over the next 12 months, ahead of the country’s first crypto legislation coming into force in April 2027.
Alongside securing the credit licence, Block Earner also announced the appointment of two senior financial services and investment executives to its board as it positions itself for the next phase of growth, with around four million Australians now holding digital assets.
The appointments include Simon Cant, co-founder and managing partner of venture capital firm Reinventure and founding president of FinTech Australia, as well as Shiau Sin Yen, co-founder and managing partner of Titan Fund (CMCC Global), who previously held senior leadership roles at UBS.
Block Earner said the appointments add global financial services expertise and institutional oversight as it scales under its new licence.
Despite being granted an ACL, ASIC is currently pursuing Block Earner in the High Court, after launching civil penalty proceedings on 23 November 2023 alleging it provided unlicensed financial services through its crypto-asset products and operated an unregistered managed investment scheme.
While the Federal Court initially found that the fintech company had engaged in unlicensed financial services conduct when offering its crypto-backed Earner product to retail investors, the court then overturned that decision.
While it was ruled 3-0, ASIC is seeking to again overturn the ruling that the company did not need an AFSL to offer its fixed-yield product.
