India’s Supreme Court Criticizes Lack of Crypto Regulation

India’s Supreme Court on July 27 criticized the government for delaying the development of a regulatory framework for digital assets in the country.

As reported by local publication Hindustan Times, the court’s comment was made during hearings on petitions filed in connection with crypto fraud cases in several Indian states. The body asked to answer whether the country has the opportunity to create a mechanism to investigate such cases.

The court said:

“You still don’t have any law unfortunately. Do you have an agency at the national level to understand these cases and investigate properly? We want you to identify a national specialized agency, in the national interest.”

The government started drafting legislation for digital assets in 2018, but has not yet submitted the final version of the document.

India announced in early 2021 a possible legislative ban on cryptos and even discussed the criminal liability of owners. In the middle of the year, information appeared that the authorities would still legalize digital currencies as an asset class.

However, in November there was again talk of the government’s intention to ban most “private currencies.”