India’s top court calls out the government over lack of crypto regulation
The post India’s top court calls out the government over lack of crypto regulation appeared on BitcoinEthereumNews.com. India’s Supreme Court has called out the central government for its long silence on regulating crypto while warning them that the legal vacuum is a breeding ground for misuse. On Monday, the apex court sharply questioned why no regulatory framework has been introduced to govern cryptocurrency in India. This comes in when the biggest economies in the world are taking steps to regulate crypto and develop a working framework for investors. Recently, the US Senate voted to move ahead on stablecoin legislation, which marked a big win for the crypto industry. However, the European Union’s Markets in Crypto-Assets (MiCA) regulation is already in its implementation phase. According to reports, a bench of Justices Surya Kant and N Kotiswar Singh made it clear that “banning crypto is not the solution, but regulation is urgently needed”. The Bench highlighted crypto’s growing role in the global economy and noted that ignoring it would be akin to “shutting your eyes to ground reality.” They added, “We aren’t experts. Experts would examine it, but some steps to regulate it and keep an eye on it are necessary.” Justice Kant reportedly referenced a two-year-old observation to the Attorney General. He had then said the government couldn’t regulate crypto due to its international nature. The Court now says that’s no longer acceptable. The court noted that the taxing of Bitcoin profits at 30% already signals a form of legal recognition. Meanwhile, if that’s the case, then why is regulation still missing? Justice Kant, while addressing ASG Aishwarya Bhati, added that courts are now facing practical challenges in crypto cases. He stated, “Tomorrow, somebody will ask me, you please prove—what is the asset? How are we going to prove it?” The ASG responded that she would seek instructions from the Centre. Indian investors have already seen the WazirX hack in the…
The post India’s top court calls out the government over lack of crypto regulation appeared on BitcoinEthereumNews.com.
India’s Supreme Court has called out the central government for its long silence on regulating crypto while warning them that the legal vacuum is a breeding ground for misuse. On Monday, the apex court sharply questioned why no regulatory framework has been introduced to govern cryptocurrency in India. This comes in when the biggest economies in the world are taking steps to regulate crypto and develop a working framework for investors. Recently, the US Senate voted to move ahead on stablecoin legislation, which marked a big win for the crypto industry. However, the European Union’s Markets in Crypto-Assets (MiCA) regulation is already in its implementation phase. According to reports, a bench of Justices Surya Kant and N Kotiswar Singh made it clear that “banning crypto is not the solution, but regulation is urgently needed”. The Bench highlighted crypto’s growing role in the global economy and noted that ignoring it would be akin to “shutting your eyes to ground reality.” They added, “We aren’t experts. Experts would examine it, but some steps to regulate it and keep an eye on it are necessary.” Justice Kant reportedly referenced a two-year-old observation to the Attorney General. He had then said the government couldn’t regulate crypto due to its international nature. The Court now says that’s no longer acceptable. The court noted that the taxing of Bitcoin profits at 30% already signals a form of legal recognition. Meanwhile, if that’s the case, then why is regulation still missing? Justice Kant, while addressing ASG Aishwarya Bhati, added that courts are now facing practical challenges in crypto cases. He stated, “Tomorrow, somebody will ask me, you please prove—what is the asset? How are we going to prove it?” The ASG responded that she would seek instructions from the Centre. Indian investors have already seen the WazirX hack in the…
What's Your Reaction?
