- Binance has joined the digital asset exchange committee of the Internet and Mobile Association of India.
- In 2018, IAMAI started a petition to lift the ban imposed on crypto banking, and finally, the Supreme Court lifted the ban in March.
- A new partnership between Binance and IAMAI will primarily help to develop the Blockchain and Cryptocurrency industry in India.
Binance, the largest cryptocurrency trading platform, has joined the digital asset exchange committee of the Internet and Mobile Association of India [IAMAI].
IAMAI’s Role in Crypto
IAMAI or the Internet and Mobile Association of India is the leading trade body of digital businesses in India. IAMAI registered as a non-profit industry under the Societies Act in 1896. It aims to improvise and increase the value-added services related to the internet and mobile services.
India’s cryptocurrency market has had some rapid growth after the de facto ban was lifted this year. This new partnership between Binance and IAMAI will primarily help to develop the Cryptocurrency industry in India.
Binance + IAMAI = Greater Crypto adoption in India
Vice President of IAMAI, Gaurav Chopra, said that they are warmly welcoming Binance to become a member of its crypto-asset committee. He also added that they were excited to work with Binance because of their hands-on experience with regulatory compliance across the globe. This would help them to develop strong strategic policies for the crypto asset companies in India. Also it will help the exchanges in India to operate in full compliance and establish a robust framework.
IAMAI has plans to collaborate with the regulators and policymakers, to make a sustainable framework for the Indian crypto market. Thus, It would ensure security and will aim at diminishing potential risks.
Changpeng Zhao, Binance’s CEO, also showed similar gratitude towards working with IAMAI. He said that they have always been supportive of Indian entrepreneurs using Blockchain technology. Further, He also emphasized on the launch of ‘Blockchain for India Fund’ to support the Blockchain ecosystem of India.