-
India’s
Supreme
Court
refused
to
entertain
a
petition
which
sought
a
direction
to
the
government
to
frame
legislation
for
crypto. -
The
petitioner
is
currently
in
judicial
custody,
accused
of
“inducing
people
to
invest
money
in
a
scheme.”
India’s
Supreme
Court,
a
historical
hope
for
the
nation’s
cryptocurrency
industry,
turned
away
a
petition
that
sought
to
direct
the
government
and
relevant
authorities
to
frame
guidelines
for
regulating
the
trading
and
mining
of
cryptocurrencies.
The
public
interest
litigation
(PIL)
by
Manu
Prashant
Wig
against
the
Union
of
India
and
others,
which
also
asked
for
a
direction
for
the
prosecution
of
cases
involving
digital
assets,
was
denied
on
Friday.
“Though
the
petition
is
under
Article
32
of
the
Constitution,
it
is
evident
that
the
real
purpose
is
to
seek
bail
in
proceedings
which
are
pending
against
the
petitioner.
We
are
unable
to
subscribe
to
this
course
of
action,”
the
order
said.
Article
32
of
India’s
Constitution
allows
an
individual
to
directly
approach
the
highest
court
to
protect
their
fundamental
rights.
Wig,
a
Director
at
Blue
Fox
Motion
Picture
Limited,
the
entity
purportedly
behind
Tokenz
Limited,
a
centralized
cryptocurrency
exchange,
is
currently
in
judicial
custody,
accused
of
“inducing
people
to
invest
money
in
a
scheme”
in
a
case
filed
by
the
Economic
Offence
Wing
of
Delhi
Police,
according
to
Bar
and
Bench,
a
domestic
news
platform
covering
India’s
courts.
More
than
130
victims
have
alleged
that
they
were
defrauded.
Earlier
this
year,
Wig’s
wife
also
filed
for
and
won
anticipatory
bail
from
a
court
as
the
investigation
team
sought
to
question
her.
In
2020,
the
Supreme
Court
overturned
a
2018
notice
from
India’s
central
bank
which
effectively
banned
banks
from
supporting
or
engaging
in
crypto
transactions,
giving
life
to
the
industry.
But
in
2022
India
introduced
stiff
taxes
–
which
the
industry
saw
as
a
“shadow
ban.”
Payment
processors
cut
off
local
crypto
exchanges,
and
the
government
undertook
enforcement
actions
against
at
least
10
crypto
exchanges,
leaving
them
fighting
for
survival.
“Why
should
the
Supreme
Court
look
into
this?”
asked
the
bench,
composed
of
Chief
Justice
of
India
D.Y.
Chandrachud
and
Justices
J.B.
Pardiwala
and
Manoj
Mishra,
according
to
the
Bar
and
Bench
report.
However,
according
to
the
order,
India’s
top
court
gave
Wig
the
“liberty
to
move
the
appropriate
court
for
the
grant
of
regular
bail”
because
the
relief
concerned
is
more
in
a
“nature
of
a
legislative
direction.”
“Courts
in
India
have
no
authority
to
direct
the
legislature
to
frame
a
law,”
according
to
legislative
research
body
PRS,
even
though
there
are
rare
cases
when
the
Supreme
Court
has
challenged
this
“separation
of
powers.”
Yet,
India’s
government
has
previously
told
the
Supreme
Court
that
only
the
Parliament
can
frame
or
enact
a
law.
India’s
position
on
crypto
came
under
increased
scrutiny
after
Sept.
2023,
when
it
pushed
the
G20
during
its
presidency
to
accept
global
guidelines
for
crypto
without
having
its
own
legislation
in
place.
India
has
kept
a
crypto
bill
in
cold
storage
since
2021
but
did
indicate
it
will
decide
its
position
in
the
coming
months.
India
has
seen
a
spate
of
crypto
scams
in
the
past
few
months
leading
to
increased
action
from
authorities.