Binance joins Indian Internet Association amidst regulatory uncertainty in the country

Binance, one of the largest crypto-currency exchanges, joined the Digital Asset Exchange committee of the Indian Internet and Mobile Association (IAMAI).

The association is the leading trade body representing digital companies in India and was one of those that confronted the Central Bank of India when it ordered a local bank to ban transactions with Immediate Bitcoin companies. The ban was overturned by the Supreme Court earlier this year.

A week ago in India, the local media reported that the Ministry of Finance had again proposed a total ban on crypto currency.

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Binance expands to India
Binance announced its membership in IAMAI on June 18, stating that it will work to implement global best practices in an effort to boost the development of India’s crypto and blockchain industries.

„Binance is honored and excited to join IAMAI and contribute our part in developing the Indian blockchain industry for growth and sustainable development,“ said Binance founder Changpeng Zhao (CZ).

„We look forward to further accelerating the progress of blockchain adoption in India and are committed to working with IAMAI in an innovation-driven and progressive framework for digital assets and blockchain.

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The collaboration comes with the launch of Binance’s ‚“Blockchain Fund for India“ to support innovation in the country’s distributed accounting technology (DAT) sector, as well as work with regulators to guide the development of a sustainable framework for cryptoactives in India.

IAMAI Vice President Gaurav Chopra welcomed Binance to the association and stated:

„Given its practical 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 cryptoactives in India.

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India’s crypto sector in crisis
Although the ban on crypto currencies was halted in March this year, the industry still faces significant challenges, including reports of banks continuing to exclude companies from accessing financial services, cryptoexchanges operating in the country calling for greater clarity regarding tax obligations on goods and services, and the recent threat of regulatory prohibition by the Minister of Finance.