The Reserve Bank of India and the Securities and Exchange Board of India are reportedly working together to develop a regulatory framework for the country's crypto market. On-chain metrics suggest that this collaboration could lead to stricter regulations for crypto exchanges and other market players. A recent surge in trading volumes, with some exchanges reporting a 50% increase in activity over the past quarter, has likely contributed to the regulators' decision to take a closer look at the market. As of now, the Indian crypto market is estimated to be worth over $5 billion, with a growing user base of over 10 million investors.