Binance announced on Thursday that it has joined the cryptocurrency exchange committee at the Internet and Mobile Association of India (IAMAI), to help develop the cryptocurrency and blockchain industry in the country.
IAMAI is the leading trade body for digital companies in India. With Binance joining the fold, the association will strive to implement industry best practices currently followed by international exchanges.
Commenting on the new member, Gaurav Chopra, Vice President of IAMAI, said in the statement: “We warmly welcome Binance as a member of the IAMAI Crypto Assets Committee.
Given their practical regulatory compliance experience 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, helping other exchanges to operate in India as and developing a robust framework to foster innovation while managing potential risks. ”
Is India headed for a cryptocurrency ban or boom?
Based on trading volume, Binance is currently the largest cryptocurrency exchange in the world, according to CoinMarketCap. Binance's move follows rumors that emerged late last week that a second wave of efforts could come to ban cryptocurrencies in India. This led to research whether India could be at the time of a crypto ban or boom.
Binance will help shape the crypto landscape in India
Binance is honored and excited to join IAMAI and contribute our part in shaping the Indian blockchain industry for sustainable growth and development. Binance has been dedicated to and supports Indian projects and entrepreneurs that solve social or industrial problems through blockchain technology, including the launch of our 'Blockchain Fund for India' that supports the development of the Indian blockchain ecosystem, ”added Changpeng Zhao (CZ), CEO of Binance in the statement.
"We hope to further accelerate the progress of blockchain adoption in India and we are committed to working with IAMAI in a progressive and innovation-led framework for digital assets and blockchain."