Supreme Court of India Calls for Crypto Regulations and Specialized Agency
Major countries around the world are actively introducing crypto regulations to govern cryptocurrencies. Recently, the European Union and the UAE have made significant progress in developing crypto regulatory frameworks. The Supreme Court of India has also taken a proactive approach towards regulating cryptocurrencies.
Key points:
– The Supreme Court expressed dissatisfaction with the Central government for not having legislation or a specialized agency to handle crypto-related crimes.
– Justices raised concerns about the quality of investigations conducted by police constables who may lack the necessary expertise.
– The court asked the government to establish a national specialized agency for handling cryptocurrency cases.
– India has been in need of crypto regulations for a long time, as the lack of clarity has had a devastating impact on the crypto market.
– Despite the court’s instruction to develop a crypto bill in 2018, the government has not yet presented the final draft after four years.
India’s lack of crypto regulations and a specialized agency has hindered the growth of the cryptocurrency market in the country. The Supreme Court’s dissatisfaction with the government’s inaction highlights the urgency to establish a regulatory framework and a dedicated agency to handle crypto-related crimes. It is essential for India to provide clear guidelines and support the growth of the crypto industry while protecting investors and combating fraud.
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