In a latest release, Binance crypto exchange revealed that they have collaborated with India's industry body, IAMAI (Internet and Mobile Association of India).
The announcement comes in a wake of Binance's new $50million investment program "Blockchain for India fund" alongside its initiative Polaris, aimed to foster crypto innovation and help cryptoprenuers and early-stage startups from India.
According to Binance crypto exchange, the collaboration will focus on implementing industry best practices from across the global, including international crypto trading platforms intending to expand and grow crypto and blockchain ecosystems in India. The exchange has specifically claimed that they have joined the crypto-asset exchange committee at the IAMAI. However, IAMAI in mid-Oct 2018 had formed a blockchain committee, aiming to help Blockchain technology reach the wider-audience in India which further promotes job creation for the new economy.
It's worth reminding that the IAMAI is the industry body of India represented the country's cryptocurrency exchange in a long-standing RBI v/s Crypto case. Noticeably, the decision was ruled in favor of IAMAI and offered relief for the crypto ecosystem in India.
Moreover, the release also marked IAMAI's approach to working with the regulars and policymakers to develop a "sustainable policy framework for crypto assets in India" ensuring the security and risk management for users at large.
We warmly welcome Binance as a member of the Crypto Asset Committee of IAMAI, said Gaurav Chopra, Vice President of IAMAI. 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
Binance states that they have been supportive India's crypto renters and blockchain projects and are excited to join IAMAI.
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, llladded, Changing Zhao (CZ)
As per the official Twitter handle of Binance, the exchange has published its first whitepaper draft, including BNB on this day, June 17 (3 years ago). Established in 2017, Binance has now become the industry leader under the leadership of Changpeng Zhao (CZ). Besides the crypto trading platform, the exchange has quickly developed and grown in other streams as well - some of those are educational portal (Binance Academy), blockchain-powered charity platform (Binance Charity), incubator (Binance Labs), developer-focused platform (Binance X) and many others.
On contrary, despite IAMAI won the long-battle of crypto banking ban against RBI in early March this year, reports from India's mainstream media citing "sources" reveals that the country's finance ministry has sent a note for inter-ministerial consultation to discuss the ban of cryptocurrency in the country. However, nothing has come out officially yet and according to crypto leaders with knowledge of law and regulations, the note is not a new report or hasn't appeared out of the blue. It is a move to the previous draft report which was intending to prison and charge hefty fines to those dealing with cryptocurrency in India.
What's your take on Binance's joint move with IAMAI ahead of any crypto regulation in India? Let us know in the comment below