Crypto trading is no longer taboo in India. However, it still lacks open, widespread adoption and staunch regulatory frameworks. However, the taxation is already high. So, investors are not ready to take on risk, earn, and then give away their potential earnings as taxes.
A grassroots survey conducted in-house reflected this sentiment. However, the broad market resonates well with it.
The Dicey State of Being
The situation is so weird that crypto is neither banned nor allowed clinically in India. So, there is still a genuine grey area to explore!
The government hasn’t yet stepped up to the plate to make crypto trading smoother here. However, recent case law can act as a roadmap to implement new regulations around crypto trading.
The Supreme Court has recently bashed and accused a man who tried to trade in BTC illegally. The two judges’ bench claimed this is an Indian way of doing Hawala Business.
However, the bench also stated that crypto trading is gradually becoming hard to handle due to India’s lack of proper regulatory standards. The government was also boldly chided for its reluctance in the matter!
Link With The WazirX Scam
When the victims of the WazirX exchange rang the SC about the INR 2000 crore scam, the court said there was no regulatory protocol to measure the crime. However, the court noted that India still needs to go a long way, especially when neighbours like Bhutan are making major inroads into crypto trade and mining!
This procrastinating attitude is not going to help India. The SC bench said!
