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ARTICLE · 25 MAY 2023

Legal Recourse To A Crypto Dispute: Urgent Need Of Adjudicating Authority

Seraphic Advisors, Advocates & Solicitors
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The world of cryptocurrency was caught off guard when FTX exchange, one of the world's largest cryptocurrency exchanges filed a bankruptcy petition in the USA in November last year.

IndiaTechnology
Chirag Singla
Chirag Singla

The world of cryptocurrency was caught off guard when FTX exchange, one of the world's largest cryptocurrency exchanges filed a bankruptcy petition in the USA in November last year. This came as a shock because every crypto investor has a direct or indirect effect on their "crypto asset".

There are about 1.15 crore people in India who have invested in cryptocurrencies and as per a survey of Indian crypto exchange average investment by an individual is around Rs. 9000 in India. All things kept in mind, it is necessary to know what legal remedy one has in case an FTX-like crash happens in India. As we all know, India does not have any legal framework regarding cryptocurrency like SEBI regulates the stock market, we have to find legal recourse in laws which are in force.

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