The Allahabad High Court granted protection from arrest to celebrity hairstylist Jawed Habib and his son in a multi-crore fraud case, offering them interim relief while directing the police not to take coercive action during the ongoing investigation.
India’s Supreme Court declared existing cryptocurrency laws as “obsolete” and urged the government to establish a regulatory framework. Highlighting a significant “grey area” in the current regulation of digital assets like Bitcoin, the court emphasized the need for clarity to prevent misuse akin to illegal hawala transactions. A discussion paper on crypto regulation is expected soon.
The Supreme Court of India expressed concerns about the unregulated status of cryptocurrencies like Bitcoin during a recent hearing. While the government taxes crypto transactions at 30%, it lacks a regulatory framework. Justice Suryakant emphasized the risks and potential illegal uses of cryptocurrencies, calling for a structured legal approach.
