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- The court’s statement was prompted by a rise in reported crimes associated with cryptocurrency.
- The Indian government has been engaged in a prolonged effort to establish clear crypto regulations.
A local media outlet reported that on July 27, the Indian Supreme Court criticized the Union government for the absence of cryptocurrency legislation in the country. The Supreme Court remarked that it is “unfortunate” that the government has not implemented any definitive regulations concerning cryptocurrencies.
This statement from the court was made in response to a rise in reported cryptocurrency-related offenses, and it instructed the Union government to publicly clarify whether it plans to create a dedicated federal agency to investigate such crimes, as noted by the local media.
Justices Surya Kant and Dipankar Datta reportedly remarked:
“You still don’t have any law, unfortunately. Do you have an agency at the national level to understand these cases and investigate them properly? We want you to identify a national specialised agency, in the national interest.”
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This comment was made during the court’s consideration of petitions related to crypto fraud cases across various Indian states. The court has requested the government to respond regarding its capacity to establish a framework for examining these types of cases.
Furthermore, there has been a lengthy struggle for the Indian government to provide clear crypto regulations. Following a directive from the Supreme Court in 2018, the government officially commenced the drafting of a crypto law. Despite repeated assurances over the past four years that a final version of the crypto law would be presented, the administration has yet to fulfill this promise.
While the Indian government has not yet released crypto guidelines, it acted quickly to implement crypto tax regulations in April 2022.
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