Supreme Court Demands Report on Federal Agency for Crypto Crime Investigation
The Supreme Court bench has asked the Union government to file a report to determine whether it is capable of setting up a federal agency specifically dedicated to investigating crypto-related crimes.
Indian Supreme Court Reprimands Union Government over Crypto Regulations Delay
The Indian Supreme Court, as reported by a local media outlet, issued a reprimand to the Union government on July 27 for the lack of proper crypto regulations in the country.
Delayed Crypto Guidelines and Swift Crypto Taxation Laws
Despite the exponential growth of the crypto market in India, the government has yet to establish comprehensive crypto guidelines. However, the government acted swiftly to impose crypto taxation laws that came into effect in April 2022.
Impact on Crypto Market
The introduction of crypto taxation laws during the bull market had a drastic impact on the thriving crypto market in India. At the time, India had emerged as one of the leading crypto markets globally, with numerous crypto unicorns and trading volumes reaching billions of dollars. Nevertheless, the lack of regulatory clarity caused many established firms to reconsider their presence in the country, leading to a significant exodus of crypto-related businesses.
- Supreme Court asks Union government for a report on establishing a federal agency for crypto-related crime investigations.
- Indian Supreme Court criticizes the government for the delay in implementing crypto regulations.
- Government imposes crypto taxation laws in April 2022, affecting the booming crypto market.
- Lack of regulatory clarity prompts established crypto firms to move away from India.
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