India’s crypto sector has been on its own, with news like a complete ban looming around every now and then. Binance has joined the country’s top internet association (IAMAI) in a bid to join the fight to legitimize the industry with its reach and resources.
One of world’s largest Cryptocurrency exchange Binance has has joined the crypto-asset exchange committee at the Internet and Mobile Association of India [IAMAI], the association fir almost all digital businesses in India.
The trade body represents digital firms in India and was the main petitioner against the Reserve Bank India’s (RBI) for its ban on financial institutions providing banking services to companies operating with crypto. This banking ban was quashed by the Supreme Court earlier this year.
Binance’s membership comes at a time when news of a complete ban on Cryptocurrencies in the country have begun to surface.
Impact of Binance in India
Binance announced its IAMAI membership on June 18, joining a bunch of Indian exchanges that are working on creating self-regulatory framework for crypto businesses.
The exchange said it will work to implement global best practices aiming to grow and develop the crypto and blockchain industry in India together.
“Binance is honoured and excited to join IAMAI and contribute our part in shaping the Indian blockchain industry for sustainable growth and development.” said Changpeng Zhao (CZ), CEO of Binance.
In November 2019, Binance acquired Indian Exchange WazirX and has since launched several initiatives in India in an effort to strengthen the industry like “Blockchain India Fund” and “Polaris” for early age startups.
“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.”– Changpeng Zhao (CZ), CEO – Binance
IAMAI Vice President Gaurav Chopra, welcomed Binance to the association, stating:
“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.”Gaurav Chopra, Vice President, IAMAI
Is India Banning Crypto?
Despite the Banking ban being stuck down in March, latest news reports around possible deliberations of a complete ban on Crypto within the government have kept the players on their toes. Whether inclusion of a Billionaire Crypto giant on IAMAI possibly lobbying towards positive regulatory framework would work, only time will tell.