India’s Top Court Slams Brakes on Crypto Ban—Demands Regulatory Roadmap Instead

In a landmark move, India’s Supreme Court rejected knee-jerk crypto prohibitions, pushing regulators to draft clear rules—because apparently, ’figure it out as you go’ isn’t a viable strategy for a $3T economy.

Judges sided with innovation over inertia, signaling that blanket bans are as outdated as a 2009 Bitcoin wallet. The ruling throws shade at bureaucratic foot-dragging while giving crypto firms a fighting chance—assuming the finance ministry doesn’t drown them in paperwork first.

Bonus jab: Meanwhile, traditional banks are still charging 2% forex fees like it’s 1999.

India’s crypto regulatory efforts

The Supreme Court ruling reflects recent efforts by the authorities to bring the emerging industry into regulatory compliance.

In February, Economic Affairs Secretary Ajay Seth confirmed that India was reviewing its stance on crypto to align with US and European policy developments that lean toward measured regulation instead of outright bans.

At the same time, the government has strengthened its tax framework for digital assets by mandating that crypto firms disclose detailed transaction records. These include asset classifications, counterparties, and other key information required for tax compliance.

These moves are unsurprising considering India ranks among the top five countries for global crypto adoption, according to blockchain analysis firm Chainalysis.

Chainalysis stated:

“India’s path to crypto adoption is becoming clearer, due to continued engagement between the industry and regulators.”