Golden Finance Report: The Australian Federal Court ruled that Kraken's Australian operating entity, Bit Trade Pty Ltd, violated Section 994B of the Corporations Act for failing to make a 'target market determination' before launching its products, which is a required compliance step under the law. Kraken stated that this ruling reflects the uncertainty of Australia's cryptocurrency regulations. A company spokesperson noted that the current regulatory framework may be detrimental to investors and called for legal clarity in the crypto and Web3 sectors as soon as possible. The Australian Securities and Investments Commission (ASIC) plans to impose economic penalties on Bit Trade, and both parties will reach an agreement on statements and injunctions within seven days. This event has sparked discussions and concerns within the industry regarding the clarity of Australian crypto regulations.