Supreme Court to ED on PMLA Record, Calls for Crypto Regulation

The Supreme Court delivered a pointed critique of India's Enforcement Directorate (ED) during proceedings on Thursday, questioning the agency's credibility amid a dismal sub-0.2% conviction rate across 5,000+ cases. Justices highlighted systemic inefficiencies while underscoring the urgent need for regulatory frameworks in cryptocurrency oversight—a sector increasingly entangled with financial crimes.

Legal observers note the remarks signal growing judicial impatience with antiquated anti-money laundering protocols. The court's push for crypto-specific regulation aligns with global trends, as jurisdictions from MiCA to Singapore implement tailored digital asset regimes. Market participants await potential Ripple effects on compliance standards for exchanges and institutional adoption.