The participation of Binance, the top crypto trading exchange, in a well-know tech association is a bright signal for the future of crypto exchanges in India. As previously released through a press statement, Binance is now a member of the Internet and Mobile Association of India (IAMAI), a digital asset exchange association.
IAMAI is the largest non-profit commercial representative of Indian digital firms and was a leader in petitioning lawmakers to repeal a ban by the Reserve Bank of India (RBI) on financial institutions that provide banking services for crypto-operating companies. The organization exists in the country for digital businesses to broaden and to increase online and mobile value-added services.
In March 2020, the Supreme Court decided to lift the ban. From that point, the crypto market in India quickly gained momentum.
Binance’s first step to shape the crypto industry in India
An June 18th announcement from Binance marked the cooperation between the firm and the IAMAI. Binance also expressed its commitment to implrement worldwide best practice in an effort to enhance the development of India’s crypto-chain industries.
According to Changpeng Zhao (CZ), the founder of Binance, the firm is delighted and thrilled to be part of the Indian blockchain industry. “We hope to further accelerate the progress of blockchain adoption in India and are committed to working with IAMAI on an innovation-led and progressive framework for digital assets and blockchain,” added Changpeng Zhao.
In addition to working with regulators to direct the establishment of a secure structure for crypto assets in India, the partnership will be an opportune chance for the launch of the ‘Blockchain For India Fund’ to promote innovation in India’s distributed ledger tech system.
Gaurav Chopra, IAMAI vice president, said: “Given their hands-on experience of regulatory compliance in various countries, we are excited to work with Binance and other industry players in developing a constructive policy framework for crypto assets in India.”
Positive news for India’s crypto market?
The crypto market in Indian has gone a bit astray, despite the earlier ban on crypto. The emergence of the India cryptographic sector continues to face serious challenges, such as reports from banks that continue to ban companies from obtaining financial service, calls for clarity on goods and services taxation and a renewed risk of regulatory prohibition from virtual currency exchanges. With the involvement of Binance, the future of crypto in India is expected to improve and increase.
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