Binance has always been bullish on India and its fast-growing blockchain and cryptocurrency ecosystem. Today Binance announced yet another big step toward tapping the Indian crypto market. Binance joins as a member of the Crypto Asset Committee of the Internet and Mobile Association of India [IAMAI] .
In Nov 2019, Binance acquired Indian cryptocurrency exchange WazirX and also launched WazirX (WRX) token sale on Binance Launchpad in Feb 2020. Apart from it, Binance launched a $50Mn fund named “Blockchain For India” to support and fund seed Indian blockchain startups. This all concludes to Binance increasing interest toward the Indian cryptocurrency ecosystem.
And now Binance had joined hands with the Internet and Mobile Association of India. IAMAI is a not-for-profit industry body registered under the Societies Registration Act, 1860. It is dedicated to presenting a unified voice of the businesses it represents to the government, investors, consumers and other stakeholders. IAMAI led the petition which lifted the banking ban of cryptocurrency in India by the Supreme Court.
Gaurav Chopra, Vice President of IAMAI, said
We warmly welcome Binance as a member of the Crypto Asset Committee 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.Gaurav Chopra, Vice President of IAMAI
Changpeng Zhao (CZ), Binance CEO said
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 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. 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 blockchainChangpeng Zhao (CZ), Binance CEO
This move by Binance and IAMAI is very significant for India as both plans to jointly work with the regulators and policy-makers on a sustainable policy framework for crypto assets in India.