CAM assists Bybit in securing registration as a Virtual Digital Asset Service Provider with the FIU, India

Cyril Amarchand Mangaldas has represented Bybit Technologies Limited in navigating regulatory challenges to secure its registration as a Virtual Digital Asset Service Provider (“VDASP”) with the Financial Intelligence Unit - India.

CAM played a critical role in liaising with Indian law enforcement agencies to facilitate the unblocking of Bybit's website, which had been restricted by the Ministry of Electronics and Information Technology (“MeitY”). The Firm facilitated key regulatory engagements, including multiple representations before the FIU-IND, strategic alignment of product offerings with extant Indian regulations, and guided the KYC/AML standards to meet regulatory benchmarks.

As part of Bybit’s regulatory and operational onboarding in India, the CAM tax team played a pivotal role in navigating the complex and rapidly evolving tax landscape surrounding virtual digital assets. The advisory encompassed both direct and indirect tax domains, with a strategic focus on aligning Bybit’s diverse global product suite with Indian tax laws. This involved detailed analysis of income characterization, GST applicability, and withholding tax obligations.

The transaction was led by Pallavi Singh Rao (Partner) and Shatrajit Banerji (Partner), with support from Shrish Gautam (Senior Associate), Associates Siddharth Kothari and Mainak Mukherjee.

Kunal Savani (Partner), with support from Bipluv Jhingan (Principal Associate), Shivam Garg (Principal Associate) and Samyak Navedia (Consultant) assisted in tax related aspects of the transaction.

Bybit is the world's second-largest cryptocurrency exchange by trading volume.

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