Binance became a member of India's association to promote cryptocurrency in the country
Through its collaboration with IAMAI, Binance aim to bring best practices in the cryptoindustry in India. This is particularly important after the Supreme Court of India lifted its ban on cryptobanking and cryptoindustry is now booming.
IAMAI is a not-for-profit organisation that stood behind a petition to lift the ban on cryptobanking services in India. The petition was filed in 2018 and it was not until March 2020 that the Supreme Court approved the petition.
Association plans to collaborate with India's regulators to create a strong legal framework for cryptocompanies.
As recently reported, the Indian authorities have returned to the bill, which demands complete ban on the ownership of cryptocurrencies and operations with them.