Indian Supreme Court Rejects Crypto Petition, Emphasizes Legislative Nature

The Indian Supreme Court dismisses a petition seeking cryptocurrency regulations in a case involving a director accused of crypto-related fraud. The court advises the petitioner, currently in custody, to pursue legal remedies, underscoring the legislative domain of crypto trading regulations in India.

The Indian Supreme Court has rejected a Public Interest Litigation (PIL) aiming to establish cryptocurrency regulations. The petitioner, Manu Prashant Wig, currently in custody over a crypto-related case, sought relief and regulatory guidelines. Wig, accused of enticing investments with promises of high returns, faced charges filed by the Delhi Police’s Economic Offence Wing in 2020.

Despite rejecting the PIL, the court allowed Wig to pursue legal remedies. The bench, led by CJI Chandrachud, advised seeking bail from a different court, emphasizing that cryptocurrency trading regulations fall within the legislative domain. The court cited its inability to issue directives under Article 32 of the Indian Constitution. India’s stance on crypto trading remains uncertain, lacking standardized rules. The nation is reportedly working on a regulatory framework based on joint recommendations by the IMF and FSB, potentially becoming law in the next five to six months.

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