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2mo ago

Indian Supreme Court Presses Government on Cryptocurrency Regulation

The Court criticized the lack of a clear framework, likening unregulated crypto trading to a refined form of Hawala, and called for a policy update by July.

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The bench reminded the govt that nearly “two years ago,” the top court sought clarity on India’s policy regarding virtual currencies. (Representative file photo)
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Overview

  • The Supreme Court of India has urged the central government to address the absence of cryptocurrency regulations, citing risks of misuse and economic implications.
  • Justices Surya Kant and N. Kotiswar Singh compared unregulated Bitcoin trading to Hawala, an illegal money transfer system, emphasizing its informal and opaque nature.
  • The Court highlighted challenges faced by law enforcement in proving and tracing crypto assets without statutory definitions or guidelines.
  • Additional Solicitor General Aishwarya Bhati has promised to provide the government's updated position on cryptocurrency regulation by July 2025.
  • India currently taxes cryptocurrency profits at 30% and imposes a 1% TDS, but digital assets remain neither recognized as legal tender nor banned outright.