A city lawyer has filed a PIL (public interest litigation) for a legal framework and laws to be put in place to regulate the utilization of crypto in India.
The PIL before Bombay HC call attention to the unregulated business of crypto and seeks direction to the Ministry of Finance, Centre, Reserve Bank of India, SEBI and other authorities to take urgent measures to safeguard the interest of netizens by making guidelines or laws to regulate the trade and use of crypto within the nation, including a taxation mechanism for all such transactions outside or within the nation.
Aditya Kadam, the lawyer said he had been investing in crypto since 2018 and given the dearth of any regulatory mechanism seeks Judicial intrusion to create a mechanism for governing transactions carried out within the nation by setting up a different organization or by bringing cryptos under the range of prior established bodies under the Government of India.
He also intends orders to govern the registration of crypto exchange platforms and a mechanism of redressal of investors’ grievances against registered trading platforms in India.
Filed on October 25, the PIL is yet to be listed for hearing.