Indian Supreme Court reprimand the union government for the delay in crypto regulations amid growing reports of criminal cases around the digital asset market.
The Indian Supreme Court on July 27 reprimanded the Union government for the lack of crypto regulations in the country, according to a report in a local media outlet.
The Supreme Court in its observation noted that it is “unfortunate” that the government has yet to release any clear guidelines around cryptocurrencies. The observation from the court came amid growing instances of criminal activities involving cryptocurrencies and directed the Union government to bring on record whether it plans to set up any dedicated federal agency to investigate such crypto criminal cases, the local daily“You still don’t have any law, unfortunately.
The court’s observation came during the hearing of petitions booked in connection with cryptocurrency fraud cases in different states of India. The court asked the government to file a response on whether they are capable of setting up a mechanism to investigate such cases. The fight for clear government-issued crypto regulations in India has been a long-drawn one. The government started working on a crypto bill on the instructions of the Supreme Court as early as 2018. However, the government is yet to introduce the final draft of the crypto bill despite assuring it would be completed repeatedly over the past four years.
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