Binance, a global crypto exchange leader measured by trading volume has joined India’s technology industry association Internet and Mobile Association of India (IAMAI), according to an announcement by the exchange on Wednesday.
It will be remembered that IAMAI led the crypto businesses in India to lobby against an RBI ban against crypto-focused businesses in the Asian country. The Supreme Court in the country ruled in favor of the association and the crypto businesses allowing them to continue operation without any restrictions in March this year. Now, Binance has joined the association’s crypto committee in which it hopes to help lobby for positive regulations an policies affecting the country’s crypto scene.
“This new cooperation will include efforts to implement industry best practices from across the globe followed by leading international exchanges, aiming to grow and develop the crypto and blockchain industry in India together,” Binance noted in its release.
The exchange is especially suited for its role in the crypto committee owing to its geographical expansion across the globe, It has been able to deal with various jurisdictional provisions, where it has learned a lot about regulations. Based off of Malta Island, Binance fled from other Asian jurisdictions that were proving hard to conduct business such as China.
So far, Binance has set up affiliate exchange platforms in some of the most competitive markets including the US, Australia, Singapore, Uganda, Jersey, and most recently, the exchange has announced a planned launch in the UK. Last November, the exchange acquired India’s leading peer to peer crypto exchange WazirX in an undisclosed deal making its debut into the Indian crypto market.
“We warmly welcome Binance as a member of the Crypto Asset Committee of IAMAI,” IAMAI’s Vice President Gaurav Chopra said in a statement. “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, helping other exchanges operate in India compliantly and developing a strong framework to foster innovation while managing potential risks.”
Given the bludgeoning crypto scene in India, IAMAI is seeking to work with the local regulators and policymakers in a move to help regulate the space without necessarily stifling innovation. Last week, it was reported that the government of India was looking to introduce a new law to ban the use of cryptocurrency in the country which goes to show that without effective policies in place, the government could easily halt the use of crypto and blockchain.
“Binance is honored and excited to join IAMAI and contribute our part in shaping the Indian blockchain industry for sustainable growth and development,” Binance CEO Changpeng Zhao said. “Binance has been dedicated to and supportive of the Indian projects and entrepreneurs who are solving social or industrial problems through blockchain technology, including the launch of our ‘Blockchain for India Fund’ supporting the development of India’s blockchain ecosystem.”
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