As crypto-assets continue to rise in global relevance, the focus on effective regulatory frameworks becomes increasingly important. In a bold development, India’s Supreme Court is taking an active role in seeking solutions in this sphere. The apex court has expressed concerns about the current lack of regulatory clarity, urging the Union Government to act more decisively in establishing firm cryptocurrency legislation.
According to a report from the Hindustan Times, the justices have openly questioned the government’s approach towards the nascent sector. The Supreme Court justices are pressing the government to create a national-level agency for investigating crypto-related criminal cases.
Clamor For A National-Level Regulatory Body
In a direct interaction with the Union Government, justices Surya Kant and Dipankar Datta voiced their concerns, saying, “You still don’t have any law, unfortunately.” The justices underscored the need for a centralized agency that would comprehend these cases and execute proper investigations.
“We want you to identify a national specialized agency, in the national interest,” they added. This appeal hints at the perceived inadequacy of lower-level enforcement agencies dealing with the complexities of digital currency-related cases.
Questioning the quality of investigations likely to be conducted by police constables, assistant sub-inspectors, or sub-inspectors, the justices noted the intricate nature of digital currency cases. This calls for more seasoned investigators familiar with the complexities and technicalities involved in the field of digital currencies.
Call For Legislative Mechanism F
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Author: Samuel Edyme
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