The top cryptocurrency trading and exchange platform, Binance, has become the newest member of the Indian Cryptocurrency Exchange Committee of the Internet and Mobile Association (IAMAI). Although uncertainty is looming over the Indian cryptocurrency sector, leading cryptocurrency exchanges have joined the nation’s top Internet association.
The association is the leading trading body that speaks on behalf of Indian crypto firms. In particular, the association was a key advocate of petitioning Indian legislators to Reserve Bank of India to the previous banking bank. The Supreme Court of India overturned the rule at the beginning of 2020.
Binance expanding its operations to India’s budding industry
Binance’s membership comes at a crucial time when the Indian Ministry of Finance progresses with its proposal to permanently ban digital currencies in the country, about seven days ago.
The top exchange on platform announced its IAMAI membership on June 18, stating that it will work to carry out the best international enactments to trigger the growth of the Indian cryptocurrency industry. According to the founder of Binance, Changpeng ‘CZ’ Zhao:
“Binance is honored and excited to join IAMAI and contribute our part in shaping the Indian blockchain industry for sustainable growth and development.”
India’s cryptocurrency industry facing uncertainty
Following the partnership, Binance will roll out a ‘Blockchain for India Fund’ to finance development and innovation in India’s blockchain sector. Binance will work together with the Indian authorities and regulators to advise on the best regulatory structure of cryptocurrencies in India.
Although the ban on providing banking services to crypto-related firms was lifted in March, India’s blossoming crypto industry is still under threat. For instance, banks in India continue to marginalize crypto-related activities and unclear taxation structure of crypto assets. Notably, the most significant danger is presented by the latest proposal to impose a blanket ban on India’s digital currencies.