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Indian Supreme Court Declines Plea for Cryptocurrency Regulation

The Court emphasized that creating regulatory frameworks for digital assets is the responsibility of the legislature and executive, not the judiciary.

Overview

  • The Supreme Court of India refused to entertain a petition seeking a regulatory framework for cryptocurrencies, citing it as a policy matter for lawmakers and the government.
  • Justices B.R. Gavai and Augustine George Masih stated that the judiciary cannot 'lay down the law' on cryptocurrency regulation.
  • Petitioners highlighted numerous complaints across the country due to the lack of clear legal guidelines for digital assets.
  • The Court advised petitioners to approach the government directly to address their concerns about cryptocurrency regulation.
  • India currently lacks a dedicated law for regulating cryptocurrencies, though measures like taxation and anti-money laundering compliance are in place.

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