India's IAMAI lawyer: FATF guidelines cannot be used to enforce crypto ban

According to AMBCrypto, January 16 is the last day for the Supreme Court of India to hear the "Crypto v. RBI" case. Ashim Sood, a lawyer in the Indian Internet and Mobile Association (IAMAI), argued that any legal activity can only be stopped through a specific policy. The power of regulation may not always include absolute prohibition. Bank bans have affected crypto exchanges in India. Even foreign banks are under the jurisdiction of the Reserve Bank of India (RBI), which limits exchanges. Ashim Sood also added that the guidance provided by the Financial Action Task Force (FATF) cannot be used to enforce the ban, but requires less invasive measures. Exchanges have no responsibility to design a set of regulatory measures for regulators. Regulators cannot justify the injunction on the grounds that the proposed measures are insufficient. This transfer of burden is unfair.