Renowned cryptocurrency trading platform Binance exchange has joined the IAMAI – Internet & Mobile Association of India’s digital asset exchange committee.
The association is among the top trade body representing the digital firms within India and was a key voice petitioning lawmakers about the RBI ban on financial institutions offering banking services to firms operating with crypto assets. The ban was however withdrawn by the Supreme Court earlier this year.
Binance’s introduction within this time arrives at an opportune time, with India’s Ministry of Finance proceeding forward with a proposal for a blanket ban on cryptocurrencies roughly around a week ago.
Binance & Its Expansion In India
Earlier today, Binance revealed its IAMAI membership, adding that it’ll work to implement global best practices in an attempt to drive the event of India’s crypto assets and blockchain industries.
While adding further, Binance founder Changpeng Zhao [CZ] said:
“Binance is honored and excited to partner with IAMAI and contribute our part in shaping the Indian blockchain industry for sustainable growth and development.”
“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.”
The partnership will see Binance launch its ‘Blockchain for India Fund’ to supporting innovation in India’s DLT [Distributed ledger technology] sector, additionally to working with regulators to guide the event of a sustainable framework for digital assets within India.
IAMAI Vice President, namely Gaurav Chopra, welcomed Binance to the association, adding:
“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 digital assets within India.”