CrypTra - Legality

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Legality

1. Legal Status of Skill-Based Games in India

In India, the legality of skill-based games is guided by various legislative and judicial frameworks, including the Public Gambling Act, 1867 (PGA), the Rajasthan Public Gambling Ordinance, 1949 (Section 12), and the Prize Competition Act, 1955, among others.

Public Gambling Act, 1867: Section 12 of the PGA exempts games of mere skill from its purview. The distinction between skill and chance is crucial, with skill-based games being those where skill predominates over chance.
Rajasthan Public Gambling Ordinance, 1949 (Section 12): This ordinance specifies that it does not apply to games of skill, provided they are not played in a conventional gaming house.
Judicial Precedents:
- Dr. K.R. Lakshmanan v. State of Tamil Nadu (1996): The Supreme Court established that a game where skill predominates over chance is considered a game of skill, such as horse racing, which involves substantial skill in placing bets.
- R.M.D. Chamarbaugwala v. Union of India (1957): The Court ruled that competitions dependent on a significant degree of skill are not classified as gambling and are protected under Article 19(1)(g) of the Constitution.
- State of Andhra Pradesh v. K. Satyanarayana (1968): The Supreme Court classified rummy as a game of skill, distinguishing it from games of pure chance.

State governments have the authority to legislate on betting and gambling, leading to varied regulations across India. Some states, such as Assam, Tamil Nadu, Telangana, Andhra Pradesh, and Odisha, prohibit skill-based games for stakes. Conversely, states like Sikkim, Nagaland, and Meghalaya regulate such activities and require operators to obtain licenses.

Recent rulings:

D. Siluvai Venance v. State: The Madurai Bench of the Madras High Court highlighted that existing gambling laws primarily address physical premises and do not cover virtual platforms. Subsequent amendments in Tamil Nadu and Andhra Pradesh have extended prohibitions to all games for stakes, including skill-based ones.

2. Legality of CrypTra Application

CrypTra, a fantasy stock and cryptocurrency gaming platform, operates under the premise of skill-based gameplay. Players utilize psychological skills, statistical knowledge, and strategic planning to create and manage portfolios based on historical data and performance metrics. Success in these contests depends on analytical skills rather than chance.

Legal considerations:

Saahil Nalwaya v. State of Rajasthan (D.B. Civil Writ Petition No. 2026/2021): The High Court of Rajasthan affirmed that online fantasy sports, aligned with the guidelines of the Federation of Indian Fantasy Sports (FIFS), are recognized as a legitimate business and protected under Article 19(1)(g) of the Constitution.

Cryptra, developed by Clyvoris Skill & Infotainment Pvt. Ltd., is incorporated under the Companies Act, 2013, with Corporate Identity Number -------------------- and GSTIN --------------------------. The registered office is located at --------------------------.

Disclaimer: Cryptocurrency products and NFTs are unregulated and inherently risky. There may be limited or no regulatory recourse for losses incurred from such transactions.