The Supreme Court of India has instructed the Union government to disclose its strategy for dealing with crypto-related crimes in the country. Local reports indicate that the court expressed disappointment over the absence of a federal agency or law dedicated to investigating cryptocurrency cases.
Industry experts believe that it may take a few months for India to create a specialized framework to address the issues concerning the cryptocurrency sector.
During the proceedings, the judges expressed doubts about the government’s capability to handle intricate cryptocurrency cases effectively using its existing law enforcement setup. They highlighted the absence of specific laws and a dedicated national agency to handle such cases, which raised concerns about the lack of proper understanding and investigation.
The judges stressed the importance of establishing a specialized national agency to conduct high-quality investigations in the best interest of the nation. This would require the government to implement comprehensive regulations pertaining to cryptocurrencies to address the current gaps in the legal framework.
The statement came as the court addressed petitions filed by Ganesh Shivkumar Sagar, currently facing cryptocurrency fraud charges in multiple states. Sagar requested bail and suggested a central agency leads the investigation.
The bench asked, “But so long you don’t have a mechanism, how do you investigate people and keep them behind bars?”
As of now, there is no specific timeline for the introduction of cryptocurrency regulation. However, industry players believe that definitive actions toward partial regulation may take a few more months.