Binance, the world’s largest cryptocurrency exchange that has successfully branched out into digital assets lending, staking, and many other initiatives, has joined the crypto-asset exchange committee at the Internet and Mobile Association of India (IAMAI), which is the leading trade body of digital businesses based in India.
As mentioned in a release shared with Crowdfund Insider, the new cooperation will focus on establishing industry best practices that are being adopted by international exchanges across the globe. This should help develop the crypto and blockchain sector in India, the release stated.
Gaurav Chopra, VP of IAMAI, remarked:
“Given [Binance’s] hands-on experience of regulatory compliance in various countries, we [look forward] to working with [the exchange company] and other industry players in developing a constructive policy framework for crypto-assets in India.”
IAMAI says it will work cooperatively with regulators and policy-makers on a “sustainable” policy framework for digital assets in the country, in order to support innovative projects while ensuring proper security and adequate risk management.
The IAMAI is a non-profit industry body that’s registered under India’s Societies Act, 1896. It aims to expand and enhance the online and mobile value-added services sectors in the country.
It’s also tasked with identifying problems and requirements of local businesses as they relate to consumers, shareholders, investors, and the nation’s government. The IAMAI mainly represents the interests of India’s online and mobile value-added services industry.