India’s Supreme Court has questioned the central government over its ongoing delay in setting clear crypto regulations. During a hearing on May 20, Justices Surya Kant and N Kotiswar Singh raised concerns about the lack of a legal framework. They also warned about the risks of an unregulated crypto market. India’s Supreme Court Presses Government on Crypto Regulations “Why hasn’t the Centre introduced a clear policy for cryptocurrency regulation?” the judges asked. They added, “Proper oversight would help track and manage crypto-related activities.” The remarks came during a bail hearing for Shailesh Babulal Bhatt, a Gujarat resident accused of operating crypto scams. According to Additional Solicitor General Aishwarya Bhati, Bhatt is believed to have been a major whale who has reportedly attracted investors with promises of high returns. Court Cautions on Financial Risks Justice Surya Kant compared the lack of crypto regulations in trading to “hawala” systems to informal financial… Read More at Coingape.com

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