Binance Joins India’s Digital Exchange Committee, IAMAI, to Advance the Country’s Blockchain Industry
Binance, the leading crypto exchange globally, announced on Thursday that it had joined India's digital asset exchange committee under the Internet and Mobile Association (IAMAI). This comes a few months after the country's Supreme court overturned an earlier decision by the Reserve Bank of India (RBI) to ban crypto operations. Since this development, India is emerging as a crypto hot spot despite an atmosphere of uncertainty.
Notably, IAMAI has been at the forefront of digital business integration within India's current ecosystems. The not-for-profit organization led the petition to overturn RBI's crypto ban and is set to scale its impact with Binance joining the team. IAMAI's company's website outlines its role as to “expand and enhance the online and mobile value-added services sectors,”
Binance Value Addition on IAMAI
The ‘CZ' Zhao led exchange has been making significant moves into Asian markets that previously took a tough stance towards crypto assets. Recently, the firm acquired a Chinese based domain signaling a focus in crypto and blockchain education.
It is, therefore, not surprising that Binance is now looking to shape India's crypto exchange space as well. This milestone with further enhance the company's ‘Blockchain for India fund' initiative. CZ shared in a statement that he is optimistic of this expansion,
“Binance is honored and excited to join IAMAI and contribute our part in shaping the Indian blockchain industry for sustainable growth and development. We hope further to accelerate the progress of blockchain adoption in India.
We are committed to working with IAMAI on an innovation-led and progressive framework for digital assets and blockchain.”
Apart from its crypto services experience, Binance adds to the regulatory knowledge/skill of IAMAI, given the crypto exchange's operation in International markets. According to Gaurav Chopra, the Vice President of IAMAI, this is one of the most significant value-added factors that come with Binance onboard,
“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.”
Nonetheless, India's crypto scene continues to operate under high uncertainty attributed to market volatility and the country's regulatory ‘clarity'. With the crypto ban overturned, some banks are still not extending services to crypto entities in fears of a crackdown by the RBI. Also, rumors have recently pointed to a possible second ban on crypto activity within India.