Binance, a large global cryptocurrency exchange, has joined the Indian tech industry association that helped overturn the nation’s crypto banking ban earlier in 2020.
The cooperation between Binance and the Internet and Mobile Association of India (IAMAI) is an early step in implementing industry best practices in the Indian crypto market, according to a press statement. India’s crypto sector has rapidly emerged after the lifting of a de facto ban in March 2020.
The IAMAI is a not-for-profit trade body of digital businesses operating within the country. Notably, the IAMAI led the petition that sought to overturn a crypto banking ban imposed by the country’s central bank in April 2018. The Supreme Court ruled in favour of the crypto industry in March 2020.
The Association aims to work with regulators and policymakers to build a sustainable policy framework for cryptocurrencies in India. However, according to CoinDesk, the announcement comes just days after rumours that India might be considering a new ban on crypto operations.
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