{"id":12267,"date":"2025-05-20T14:46:31","date_gmt":"2025-05-20T12:46:31","guid":{"rendered":"https:\/\/wsj-crypto.com\/?p=12267"},"modified":"2025-05-20T14:46:31","modified_gmt":"2025-05-20T12:46:31","slug":"indias-supreme-court-calls-for-government-regulation-of-cryptocurrency","status":"publish","type":"post","link":"https:\/\/wsj-crypto.com\/index.php\/2025\/05\/20\/indias-supreme-court-calls-for-government-regulation-of-cryptocurrency\/","title":{"rendered":"India’s Supreme Court Calls for Government Regulation of Cryptocurrency"},"content":{"rendered":"\n
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The Supreme Court of India has raised concerns regarding the government’s absence of regulatory transparency concerning cryptocurrencies, despite levying taxes on digital assets such as Bitcoin.<\/p>\n

As per the Indian legal news platform LawChakra<\/a>, the nation’s Supreme Court highlighted its worries over the rising adoption of Bitcoin (BTC<\/a>) and other digital currencies while they remain predominantly unregulated.<\/p>\n

\u201cThis is an entirely separate economy operating with such coins and poses a risk to the nation\u2019s economy,\u201d Justice Surya Kant allegedly remarked during a recent session related to an ongoing probe into a Bitcoin deal.<\/p>\n

Kant further pointed out that while the administration has instituted crypto taxation, it has neglected to oversee the sector.<\/p>\n

\u201cIf you can impose a tax of 30%, then please also establish regulations as you have acknowledged it through taxation,\u201d the judge stated.<\/p>\n

Connected: <\/strong><\/em>Indian high court mandates actions to block Proton Mail<\/strong><\/em><\/a><\/p>\n

Government indicates potential review<\/h2>\n

The Additional Solicitor General of India \u2014 a high-ranking legal representative for the government of India \u2014 reportedly responded to the inquiry by asserting that the administration \u201cwill seek instructions, my lord,\u201d suggesting that a review of the nation\u2019s present cryptocurrency regulations may be contemplated.<\/p>\n

This report follows a May 5 session<\/a> by the Supreme Court of India where Kant and attorney Mahesh Jethmalani expressed their views on cryptocurrency. Jethmalani detailed that Bitcoin is already facing extensive utilization globally, remarking that \u201cin Europe, you can step into a car dealership and purchase a vehicle using just one Bitcoin.\u201d<\/p>\n

Connected: <\/strong><\/em>Coinbase plans to return to India with FIU registration<\/strong><\/em><\/a><\/p>\n

Although this situation is not as prevalent as this assertion might imply, acquiring<\/a> a vehicle with Bitcoin<\/a> is feasible at select retailers. The lawyer also displayed that he was mistaken about the pseudonymous nature of Bitcoin\u2019s originator, Satoshi Nakamoto, asserting that he hailed from Japan:<\/p>\n

\u201cIt was devised by someone from Japan who utilized a fictitious name.\u201d<\/p><\/blockquote>\n

Worries regarding abuse<\/h2>\n

Kant also conveyed apprehensions regarding the exploitation of cryptocurrencies during the session. He remarked that \u201cthere exists some framework of rules that governs this.\u201d<\/p>\n

Kant also mentioned that \u201csome Bitcoins are authentic, but others may not be.\u201d However, it’s unclear whether he intended to imply that fake Bitcoin circulate (there are none) or that illicit activities might tarnish some. <\/p>\n

The latter seems plausible since the remark was followed by the judge stating that \u201cit has also become a potential method for conducting unlawful business.\u201d<\/p>\n

The government of India has yet to implement thorough legislation to regulate cryptocurrencies, although it taxes profits and mandates companies to report particular activities to financial authorities. The absence of regulation has faced backlash from both the industry and policymakers amid the ongoing growth of this asset class.<\/p>\n

Magazine: <\/strong><\/em>India considers new crypto ban to bolster CBDC, Lazarus Group strikes once more: Asia Express<\/strong><\/em><\/a><\/p>\n