The Supreme Court justices requested the union government to establish a national-level agency to investigate the crypto-related criminal cases.
In the present time, India is the top country in the world in terms of the total number of people holding Crypto assets but still, this innovative sector is evolving in this country under the grey region which means there are no rules & regulations to ensure the safety of the crypto Investors & prohibit illegal Crypto transactions or crypto money laundering. Over the past few years, the enforcement agencies showed their Inclination toward the crypto sector & also uncovered huge numbers of crypto money laundering networks, which were related to China.
On 28 July 2023, A local media report by the Hindustan Times confirmed that the Supreme Court justices have openly questioned the government’s approach towards the nascent sector.
The supreme court justices Surya Kant and Dipankar Datta raised their concerns against the unregulated crypto sector and said that it is unfortunate that there is no crypto law in the country.
The judges said that there is a need for a crypto-dedicated centralized body to easily handle the matters related to cryptocurrency transactions & executive precise investigations.
Furthermore, judges said that cryptocurrencies are now a matter of national-level discussion and the government should bear the responsibility to halt the misuse of cryptocurrencies.
Global crypto regulation
Since Jan 2022, the Indian finance ministry is trying to bring a crypto regulation bill but not approved by the cabinet ministers because of several unknown reasons.
Several times, the Indian finance minister Nirmala Sitharaman said that crypto regulation by a single country will not be enough to prohibit the misuse of cryptocurrencies.
During the G20 summits, the Indian finance ministry held discussions with the government officials of other countries to establish a global crypto regulation framework.