Binance Joins India’s Crypto-Asset Exchange Committee IAMAI

Binance announced this Thursday that it has joined the crypto-asset Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term committee at the Internet and Mobile Association of India (IAMAI), to help develop the crypto and Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Read this Term industry in the country.

The IAMAI is the leading trade body of digital businesses within India. With Binance joining the fold, the association will put its efforts behind implementing industry best practices that are currently followed by international exchanges.

Commenting on the new member, Gaurav Chopra, Vice President of IAMAI, said in the statement: “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.”

Is India heading for a crypto ban or boom?

Based on trading volume, Binance is currently the largest crypto exchange in the world, according to CoinMarketCap. The move from Binance follows on from rumours surfacing late last week that a second wave of efforts to ban cryptocurrency in India might be coming. This led to Finance Magnates looking into whether India might be on the bring of a crypto ban or boom.

Binance to contribute to shaping crypto landscape in India

“Binance is honoured 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,” added Changpeng Zhao (CZ), Binance CEO in the statement.

“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.”