Indian Supreme Court Urges Union Government to Speed up Crypto Rules

Crypto Regulations in India

The Indian Supreme Court on July 27 expressed its disappointment with the Union government for not having any clear regulations on cryptocurrencies. The court said it was “unfortunate” that no guidelines have been issued yet. The court was hearing petitions related to cryptocurrency fraud cases in different states of India and asked the government to provide information on whether they plan to set up a dedicated agency to investigate such cases.

The Supreme Court noted the increasing cases of criminal activities involving cryptocurrencies and asked the Union government to provide a response on whether they are capable of establishing a mechanism to investigate such cases. Best crypto sites 2021, bico crypto, best site for crypto, best places for crypto, best websites for crypto, zodiac iaqualink 3.0 iq30-rs web connection upgrade kit, best source for crypto, when did web 3.0 start, web 3.0 release date, and nft web 3.0 metaverse are some of the popular topics related to cryptocurrency.

Crypto Regulations in India: A Long-Drawn Battle

The Supreme Court of India instructed the government to create a crypto bill in 2018, yet the final draft of the bill is yet to be presented despite numerous promises over the past four years.

The Indian government was quick to enact taxation laws for crypto in April 2022, during the bull market when India had become one of the leading crypto markets, with numerous crypto unicorns and trading volumes reaching billions of dollars. Nevertheless, the tax laws had a major impact on the flourishing crypto market, as most of the established firms decided to leave India due to a lack of regulatory clarity.

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