Crypto-related frauds are on the rise in India, leaving many investors in a state of despair and frustration.
The main reason for this is the lack of clear and consistent regulations in the crypto space, which creates a loophole for criminals to exploit.
Gaurav Mehta, a co-founder of Catax and a forensic expert who helps Indian law enforcement agencies in investigating crypto crimes, spoke to CryptoNews about the challenges and solutions for India’s crypto ecosystem.
He said that India has a high level of crypto adoption, despite the heavy taxes and regulatory uncertainty.
He also pointed out how the Supreme Court of India recently asked the Solicitor General about the ability of law enforcement agencies to deal with crypto crimes.
This shows the need for more clarity and guidance from the government on how to regulate and monitor the crypto space.