As India continues to navigate the complexities of cryptocurrency regulation, the RBI and the Securities and Exchange Board of India (SEBI) are reportedly working together to establish a comprehensive framework. This joint effort aims to address concerns around investor protection, market volatility, and the potential for illicit activities. On-chain metrics suggest that Indian investors are increasingly turning to cryptocurrencies, with trading volumes on local exchanges surging by over 50% in the past year. The RBI's criticism of banks' rupee arbitrage trades has also sparked speculation about the potential impact on the crypto market, with some analysts predicting a more favorable regulatory environment for digital assets.