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PIL in Bombay HC over lack of grievance redressal mechanism by crypto exchanges

The unregulated but rapidly growing crypto market in India has led to scams of varying proportions.

We missed this earlier: A public interest litigation (PIL) before the Bombay High Court argues that the unregulated crypto business infringes on the rights of the investors as there is no grievance redressal mechanism established under law, according to a copy of the document reviewed by MediaNama. The PIL was filed by lawyer Aditya Pradip Kadam who has been a crypto investor since 2018.  It alleges that the government and "its functionaries have failed to enact appropriate regulations to protect the interests of the citizens”.  “There is an imminent threat of rise in the number of Money Laundering Cases, Illicit trade of Drugs, Terror Financing by trade of crypto currency which the Respondents (Indian government) have failed to curtail,” reads the PIL.  It also adds that the exchequer of the country faced huge losses due to a lack of clarity on crypto…

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I cover several beats such as Crypto, Telecom, and OTT at MediaNama. I can be found loitering at my local theatre when I am off work consuming movies by the dozen.

MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.

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