After struggling for more than 2 years with a ban placed by the nation’s central bank, India’s crypto industry finally attained freedom earlier this year. The Indian Supreme Court “struck down” RBI’s ban on crypto trading back in March, and a spree of development in that sector followed.
A survey conducted by over-the-counter peer-to-peer crypto exchange Paxful revealed that around 94% of the participants had already invested in crypto prior to the ban. The respondents also had strong opinions about the future of cryptocurrencies in India with crypto enterprises and the retail sector expected to flourish.
While the crypto community was strongly bullish on crypto, foreign companies had similar views. Malta-based trading platform OKEx, partnered with local crypto exchange CoinDcx, followed Kraken announcing recommitment to the Indian market.
The biggest move was perhaps the accusation of popular Indian crypto exchange WazirX by Binance. The crypto giant acquired WazirX last year, months before the ban was lifted, giving it an early mover advantage. This marked the first time an Indian exchange had been acquired by an international exchange.
Backing the crypto industry
Now, Binance is taking a step further by joining the nation’s top internet association and advocates of cryptocurrencies, the Internet and Mobile Association of India’s (IAMAI) digital asset exchange committee.
IMAI was the non-profit body that was behind the multiple petitions that resulted in the Supreme Court deciding to continue assessing what was called the ‘Crypto Matter,’ back then. The association had appealed to the government on behalf of internet industry consumers, shareholders, and investors.
The world’s largest exchange by volume, joining India’s largest crypto association, is indeed a great boost for the crypto industry in India. The membership also comes at a time when fresh rumors have started to surface, claiming that regulators are preparing for another blanket ban on cryptocurrencies.
Binance announced the membership on June 18, stating that the collaboration would look to “implement industry best practices from across the globe followed by leading international exchanges,” which would help develop the crypto and blockchain industry in the nation.
“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,” Binance added.
The exchange will also launch the ‘Blockchain for India Fund’ to support development pertaining to the distributed ledger technology sector (DLT), while also working with regulators to guide the development of a sustainable framework for crypto assets in India.
The $50 million Blockchain for India fund was announced earlier in March after the ban was lifted by the SupremeCourt. The fund would also reportedly support universities and student organizations that are willing to focus on blockchain-based products.
IAMAI Vice President Gaurav Chopra, welcomed Binance to the association, stating:
“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.”