Maharashtra expands depositor protection covering digital assets and district units
Maharashtra just updated its depositor-protection law to cover digital assets like cryptocurrencies and NFTs.
Minister of State for Home Affairs Yogesh Kadam shared that new financial-monitoring units will pop up in every district, aiming to catch shady investment schemes that promise big returns but rarely deliver.
Maharashtra law lets authorities seize crypto
Now, authorities can track, freeze, and sell off digital assets tied to scams, fixing an old loophole where fraudsters could hide money in crypto.
Court delays are generally capped at two adjournments, with a possible third only in exceptional circumstances, so victims can get their money back faster based on current market value.
Just a heads-up: this law doesn't make crypto legal tender or set up any licenses for India's crypto industry yet.