{"id":82343,"date":"2023-07-28T17:29:25","date_gmt":"2023-07-28T14:29:25","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=82343"},"modified":"2025-09-12T04:24:58","modified_gmt":"2025-09-12T01:24:58","slug":"indias-supreme-court-criticises-authorities-over-lack-of-crypto-regulation","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/indias-supreme-court-criticises-authorities-over-lack-of-crypto-regulation\/","title":{"rendered":"India’s Supreme Court criticises authorities over lack of crypto regulation"},"content":{"rendered":"

On July 27, the Supreme Court of India issued a rebuke to the government for the delay in developing the regulatory framework for digital assets in the country. This was reported by Hindustan Times<\/a>.<\/p>\n

The bench’s remark came during hearings on petitions filed in connection with cryptocurrency fraud cases in various Indian states. The bench asked for a response on whether the country has the capacity to establish a mechanism to investigate such cases.<\/p>\n

\n

“Unfortunately, you still have no law. Is there a national agency that would deal with [in crypto crimes] and investigate them properly? We want you to create a specialized department in the public interest,” the court said.<\/p>\n<\/blockquote>\n

The government began developing legislation for digital assets back in 2018, but has yet to present a final version of the document.<\/p>\n

In early 2021, reports surfaced in India of a possible ban on cryptocurrency, even talk of criminal liability<\/a> for owners. In mid-year there were reports that authorities would legalize digital currencies<\/a> as a class of assets.<\/p>\n

However, in November there was renewed talk of the government’s intention to ban most ‘private currencies’<\/a>. This sparked panic in the local market, leading to a short-term local Bitcoin price drop of 15%<\/a>.<\/p>\n

Despite the lack of a legal framework, in 2022 India tightened levies<\/a> on traders and investors. The law imposes a 30% tax on cryptocurrency transactions and 1% under the TDS<\/span>.<\/p>\n

In February, India’s central bank governor Shaktikanta Das warned investors against investing in cryptocurrency<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

On July 27, the Supreme Court of India issued a rebuke to the government for the delay in developing a regulatory framework for digital assets in the country.<\/p>\n","protected":false},"author":1,"featured_media":82344,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[278,36],"class_list":["post-82343","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-india","tag-regulation"],"aioseo_notices":[],"amp_enabled":true,"views":"16","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/82343","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=82343"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/82343\/revisions"}],"predecessor-version":[{"id":82345,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/82343\/revisions\/82345"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/82344"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=82343"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=82343"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=82343"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}