One of the world’s leading cryptocurrency exchanges has joined the Internet and Mobile Association of India, the body that helped fight the ban on cryptocurrency trading in India.
Binance Now a Member of IAMAI
The Internet and Mobile Association of India, known as the IAMAI, has gained a new member, and it is the most powerful cryptocurrency trading platform in the world. Binance, which is currently the leading exchange in the world, has been increasing its presence in India over the past few years. The exchange is making another statement by joining the IAMAI, the not-for-profit industry body registered under the Societies Act, 1896, that helped to fight and get the ban on cryptocurrency trading activities in India overturned.
The partnership between Binance and the IAMAI is an early but crucial step towards the implementation of best practices within the cryptocurrency sector in India, according to the association’s press release. The cryptocurrency market is coming out of a ban on crypto banking activities imposed by the Reserve Bank of India. To help its case, Binance has now joined the association to seek further developments in the Indian crypto space. The tech association is a non-profit trade body comprised of digital businesses operating in India. The role of the IAMAI is to expand and boost the online and mobile value-added services sectors in the country.
The IAMAI and Cryptocurrencies
The IAMAI became popular after it led the petition that brought down the cryptocurrency banking ban put in place by the RBI in April 2018. The Supreme Court delivered its judgment in favor of the cryptocurrency industry in March this year.
The vice president of IAMAI, Gaurav Chopra, welcomed Binance as a member of the Crypto Asset Committee of IAMAI in his press release. According to Chopra, the hands-on experience of Binance in regulatory compliance in numerous countries makes them a valuable member of the association. Binance will work with other industry players to develop a constructive policy framework for the Indian cryptocurrency market. This would help other crypto exchanges operating in India to comply and develop a robust framework that will boost innovation while mitigating risks.
IAMAI noted that it intends to work closely with regulators and policymakers towards building a sustainable policy framework that favors the Indian cryptocurrency market.
This announcement is coming just a few days after rumors that the country is looking to place a new ban on cryptocurrency transactions.
Despite the rumors, Binance expressed their excitement about joining this association. Binance CEO, Changpeng Zhao, popularly known as CZ, stated that Binance is honored and happy to be a part of the IAMAI and to contribute its quarter towards shaping the blockchain industry in India, paving the way for sustainable growth and development. He added that Binance intends to help accelerate the progress of blockchain and crypto adoption in India. They are also committed to working with IAMAI on a progressive regulatory framework for cryptocurrencies and blockchain, CZ concluded.
Binance has been expanding its operations across the world. Recently, the exchange announced the launch of its services in the U.K. Binance U.K exchange is slated to start providing services to traders and investors this summer. Their acquisition of crypto exchange WazirX has also expanded the scope of Binance in India, making it one of the largest cryptocurrency trading platforms operating in the country.