Court emphasizes legislative nature of regulations and ongoing development of comprehensive framework
The Indian Supreme Court has recently dismissed a petition seeking the establishment of regulations and guidelines for cryptocurrency trading in the country. The court stated that the petitioner's demands were more legislative in nature, thus falling outside its jurisdiction.
The petitioner, who is currently in custody in relation to a cryptocurrency case, had filed the petition in an attempt to secure bail. However, the court advised the petitioner to approach a different court for bail, emphasizing that it could not issue directives on cryptocurrency regulations.
Despite the court's dismissal of the petition, it's important to note that India is reportedly in the process of developing a regulatory framework for cryptocurrency. This move is based on recommendations from international organizations and is expected to be completed in the coming months. The aim is to provide a clear and comprehensive set of rules for cryptocurrency trading, which would help to protect investors and ensure the stability of the market.
The dismissal of the petition by the Supreme Court highlights the legislative nature of cryptocurrency regulations. It underscores the need for a dedicated legislative process to establish clear and comprehensive guidelines for cryptocurrency trading in India. The development of such a framework is already underway, and its completion will mark a significant step forward for the Indian cryptocurrency market.