Malta-headquartered Binance, the largest cryptocurrency exchanges in the world in terms of trading volume, has joined the crypto-asset exchange committee called “FinTech Convergence Council (FCC)” at the Internet and Mobile Association of India (IAMAI), the leading trade body of digital businesses in India.
FCC at IAMAI works closely with the Ministry & regulators like Reserve Bank of India (RBI), Ministry of Finance, Insurance Regulatory & Development Authority, Securities & Exchange Board of India & any similar government departments, bodies or Institution to grow the penetration of financial services.
With Binance joining the FCC, the IAMAI will put its efforts behind implementing industry best practices that are currently followed by international exchanges.
News alert!@binance is now a member of IAMAI&FCC!
— IAMAI (@IAMAIForum) June 18, 2020
IAMAI plans to jointly work with the regulators and policy-makers on a sustainable policy framework for crypto assets in India to support innovation along with proper measures to ensure security and risk management.
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.”
“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,” said Changpeng Zhao (CZ), Binance CEO.
“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 blockchain,” Zhao said.
To recall, almost a year ago Binance had launched it’s Singapore unit along with its online platform (binance.sg) that offers purchase and sale of cryptocurrencies with Singapore dollars (SGB).