On Thursday, the global crypto exchange, Binance, had announced that it would join the Internet and Mobile Association of India, or IAMAI. IAMAI is a crypto-asset exchange committee, dedicated to helping the development of blockchain and crypto industries within the country.
Joining India’s Crypto Exchange Association
IAMAI stands as the leading trade body when it comes to Indian digital businesses. Through joining into its fold, Binance will help the association to focus its efforts to implement best-practice industry standards, such as those that are followed by international exchanges.
Gaurav Chopra stands as the Vice President of IAMAI, and gave a comment about the matter as a whole. According to Chopra, IAMAI has welcomed Binance into its fold with warm sentiments, adding it to the Crypto Asset Committee of IAMAI.
Experience In Regulations Desired
He explained that IAMAI is eager to work alongside Binance, as well as other players in the industry. The reasoning for this, according to Chopra, is the fact that these international groups have hands-on experience when it comes to complying with an array of different countries’ regulations. With their help, Chopra hopes to develop a policy framework for crypto assets within India that stands as a constructive, productive one to follow.
Furthermore, IAMAI hopes that firms like Binance could assist other exchanges in order to operate within India in a compliant manner, according to Chopra. Lastly, he hoped that they could assist in developing a robust framework that could help foster innovation while managing the risks involved within it.
Threats Of another Crypto Push Back
According to CoinMarketCap, a Binance-owned crypto data aggregator, the Binance exchange is the biggest crypto exchange in the world, by virtue of trading volume. While much can be said about having your own subsidiary rate you and expecting to be seen as impartial, Binance is a definite global heavyweight.
Adding Binance to IAMAI’s fold came shortly after rumors started to surface that India might be seeing a second push-back against crypto, trying to have it get banned once more. As it stands now, India rests on a knife’s edge, one that could serve as a pivotal moment in the country’s history. With any luck, the nation won’t ban crypto, as it would be like trying to build a wall to keep the sea out, while other countries decide to preferably fish. There’s a lot of money to be made from crypto, should it be regulated appropriately.