As the global crypto market continues to experience significant fluctuations, India's regulatory bodies are under pressure to provide clarity on their approach to crypto regulation. Market data shows that the Indian rupee has been weakening against major currencies, partly due to the recent escalation of tensions in the Middle East. The RBI has been criticized for its role in aggravating the rupee's weakness, with some arguing that its policies have contributed to the currency's volatility. Against this backdrop, SEBI is exploring ways to create a more favorable environment for the crypto industry, while ensuring that it operates within a robust regulatory framework. On-chain metrics suggest that Indian investors are increasingly interested in cryptocurrencies, with trading volumes on local exchanges surging in recent weeks.