Bitcoin Forum

Binance has joined the crypto-asset exchange committee at the Internet and Mobile Association of India (IAMAI), the leading trade body of digital businesses in India.

According to the announcement sent via email to AZCoin News on June 18, this new cooperation will include efforts to implement industry best practices from across the globe followed by leading international exchanges, aiming to grow and develop the crypto and blockchain industry in India together.

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.”

Source: Binance Has Joined The Crypto-Asset Exchange Committee At The Internet And Mobile Association Of India (IAMAI) (https://azcoinnews.com/binance-has-joined-the-crypto-asset-exchange-committee-at-the-internet-and-mobile-association-of-india-iamai.html)

Government of India proposed a law to ban all the crypto currency activities and also proposed 25 crore as penalty if someone involves into it on the other side government organisation warmly invited one of the biggest trading platform in India and waiting for their future projects!

  ::) ::) ::) ::) ::) ::) ::)

This is true and may not work out well for binance because government was never the in proposal to make it legal and in the event of series if seen from past couple of years form the government side they have not encourage the crypto in the country. Only due to the SC hearing they have to follow it and with this new news about the probable law coming for the ban Binance may soon have to shut it down from country.

Recently Binance spend millions of dollars to buy Wazirx and entered into Indian market, if the ban is real they won't be taking such risk so they know how to handle and from their actions I guess chances of that ban proposal will be passed is very less.

since binance was warmly welcomed then its almost not going to be passed already.  mobile association is excited to work with binance to take part of the regulation on crypto in the country. this is just what is needed here to the bill to be junked. binance is just too powerful. the IAMAI is excited to work with binance in developing a constructive policy framework for crypto assets in India. threat is over!

IAMAI is not a government organization. It is an industry body, much like NASSCOM or FICCI.

Well it would not necessary be dependent on Binance since they have spent amount in the exchange in India so government would not be banning them. Moreover if considered the news from the last few years it was very certain that it was more going to be banned rather than making it legal. So, chances remain bleak of making it legal.

(IAMAI) Internet & Mobile Association of India is a non-governmental organization whose mission is to expand and strengthen the sectors of value-added services via the Internet and mobile^[1].

Consequently, we cannot consider this an orientation from India to accept crypto payments as a legal trend, but it may open the door to some kind of regulation as crypto assets.

Also, we must differentiate between digital assets and digital payment.

Generally, unless a clear currency formulation is clarified for cryptocurrencies, it is best to avoid centralized platforms.

[1] https://en.wikipedia.org/wiki/Internet_and_Mobile_Association_of_India

IAMAI is not part of the government? lol false alarm. 

its still going to give voice for the crypto users in the country though. i thought its sort of a body that regulates.
its going to be a waste if binance can't pull off this bill as they spend for the wazirx. don't you think bill is purposely made for this IAMAI to come in to make more money from binance pocket? if binance spend this much, they'd likely maintain the position and more than willing to spend more.

Binance has been eyeing India as a huge market for quite some time now. So they are just looking to strengthen their position in India by making friends with the Internet & Mobile Association. As far as Indian Government planning to ban Cryptocurrencies, they won't make a decision until the G20 FATF comes up with some regulations.

No, it's not a Government body. Hope this clarifies your doubt.

Let us all hope that things turn out to be in the favour of crypto currency and also with the new initiative that become self-reliant, cryptocurrency can play  vital role in this space and can help many people to build something around this and also generate the employment and would also help economy in a certain way.

Wazirx has joined hands with Binance last year. Can anyone tell me if wazirx is now a Indian company ?

Wazirx was completely acquired by Binance in 2019 itself so it is now completely owned by Binance.

---

Thanks for the clarification about IAMAI, so NGO is competing against government organizations to bring adoption in our country, which maybe highly unlikely possible if government keep opposing crypto currencies.