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 rejected a plea for cryptocurrency regulation, stating that the judiciary cannot create laws, as this responsibility lies with the government. Petitioners highlighted rising fraud complaints in the cryptocurrency space, but the court emphasized that they should directly approach the appropriate authorities for legal matters concerning cryptocurrencies.
