The Supreme Court has reportedly observed that the issue of rules for crypto currencies in the country should be raised in consultation with experts. According to a Bar and Bench report, a bench of Justice Surya Kant and Justice NK Singh removed the lack of crypto rules in India. This was observed during the hearing of the case associated with the increase in crypto frauds in several states. Additional Solicitor General (ASG) Aishwarya’s nephew will allegedly present the government’s stand on the government’s cryptocurrency by July.
According to Report The bench emphasized the need for both regulatory measures for the crypto sector and monitoring.
Justice Kant allegedly told ASG that in the absence of rules and regulations, the courts face practical challenges in relation to crypto cases.
For example, judges have difficulty estimating whether the plaintiff was a victim or victim in the crypto fraud case. For now, the Central Bureau of Investigation (CBI) has been asked to complete the investigation by May 30.
In November 2023, the Supreme Court rejected a request for clear guidelines to monitor crypto trading in the country. The bench was headed by former Chief Justice Dai Chandrachod. At that time, the bench had blamed the applicant for trying to seek bail from the pending proceedings at that time.
Between 2022 and 2025, India has gradually introduced legislative layers to govern the crypto and parts of the web 3 sector.
India has been taxing the benefits of crypto up to 30 % since 2022. The Ministry of Finance also imposed one percent TD on all crypto transactions to maintain the trail of crypto transactions, which are otherwise largely private and even anonymous.
Crypto firms operating in the country have been mandated to comply with anti -money laundering rules and guidelines for submission of KYC. In addition, every firm that offers digital assets services in the country will have to get registration from the Financial Intelligence Unit (FIU) to legalize its actions.
A crypto discussion paper belonging to the Ministry of Finance is being released. In February, RBI Governor Sanjay Malhotra said the article of the debate would further explain the virtual digital assets in the nation.
Economic Affairs Secretary Ajay Seth claimed in July 2024 that the article would guide the future of the country’s cryptocurrency sector.
Meanwhile, Finance Minister Nirmala Sitharman had earlier said that India’s position about Crypto is that she cannot be currency.
Former RBI Governor Shaktikanta Das also expressed concerns about crypto currencies during the World Economic Forum last year, but a report on the RBI’s 2024 financial stability acknowledged the global expansion of the digital financial system and highlighted the blockchain for the financial sector.