Australia: Announced ASIC Public Lawsuit regarding Digital Currency Assets of Blockchain Mining Companies

On 12 April 2024, the Australian Securities and Investments Commission (ASIC) announced the initiation of civil proceedings against blockchain mining companies NGS Crypto Pty Ltd, NGS Digital Pty Ltd, and NGS Group Ltd, along with their sole directors. This action follows ASIC's allegations that the companies engaged in providing financial services related to blockchain mining packages to Australian investors without the necessary Australian financial services licence, in contravention of section 911A of the Corporations Act.