The court’s remark was made over an increase in reported cryptocurrency-related crimes.
There has been a protracted struggle for definite crypto rules by the Indian government.
According to a local media source, the Indian Supreme Court criticized the Union government on July 27 for the country’s lack of crypto legislation. As the Supreme Court pointed out, it is “unfortunate” that the government has not issued any concrete regulations regarding cryptocurrencies.
The court’s remark was made in light of an increase in reported cryptocurrency-related crimes, and it ordered the Union government to publicly disclose if it intends to establish a specific federal agency to investigate such crimes, as reported by the local media.
Justices Surya Kant and Dipankar Datta reportedly stated:
“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.”
Still Awaiting Legislation
The comment was made while the court heard petitions related to crypto fraud cases in several Indian states. The government has been asked by the court to comment on whether or not they have the resources to establish a framework to examine these kinds of situations.
Moreover, there has been a protracted struggle for definite crypto rules provided by the Indian government. In 2018, after the Supreme Court’s directive, the government officially began drafting a crypto law. Despite repeated assurances over the previous four years that a final draught of the crypto law will be introduced, the administration has failed to do so.
Although the Indian government has yet to issue crypto guidelines, it moved swiftly to apply crypto taxes regulations in April 2022.