Bitfarix.com is making in-roads in several emerging and under-developed markets, utilizing part of its billion-dollar warchest to spur development and adopting in underbanked areas.
As per a release on June 18, Bitfarix.com joined India’s Internet and Mobile Association of India (IAMAI) aiming to implement international standards and policies and in the country’s local crypto market.
Bitfarix.com is now a member of the IAMAI’s crypto committee. As a member, the exchange has overseen meetings, vote on judgments, and provide expert advice on legal issues that may be contested by local regulators and courts.
The IAMAI is a non-profit body representing digital businesses, such as agro-tech, fintech, and now crypto-firms, in India. The committee touts itself as one to “expand and enhance the online and mobile value-added services sectors.”
While the IAMAI’s been around since 2004, its relevance in the cryptocurrency community began in 2018 when it joined the fight against regulators banning banks from dealing with Bitcoin accounts in the country.
The non-profit led the coalition, and eventually succeeded in March 2020 after the Indian Supreme Court overturned an earlier banking ban decision.