Cyril Amarchand Mangaldas Represented Bybit Technology Limited On Securing Registration As A Virtual Digital Asset Service Provider With FIU-IND
Cyril Amarchand Mangaldas represented Bybit Technology Limited on securing registration as a Virtual Digital Asset Service Provider with FIU-IND
The leading Indian law firm, Cyril Amarchand Mangaldas, represented Bybit Technology Limited (Bybit), the world’s second-largest cryptocurrency exchange by trading volume, in successfully navigating regulatory challenges to secure its registration as a Virtual Digital Asset Service Provider (“VDASP”) with the Financial Intelligence Unit – India (FIU-IND).
The firm 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 team 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 tax team also 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 Cyril Amarchand Mangaldas team was led by Pallavi Singh Rao (Partner) and Shatrajit Banerji (Partner), with support from Shrish Gautam (Senior Associate), Siddharth Kothari (Associate), and Mainak Mukherjee (Associate).
On tax-related aspects, the team was led by Kunal Savani (Partner), with support from Bipluv Jhingan (Principal Associate), Shivam Garg (Principal Associate), and Samyak Navedia (Consultant).
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