{"id":359708,"date":"2025-09-11T09:30:53","date_gmt":"2025-09-11T04:00:53","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=359708"},"modified":"2025-09-10T19:03:22","modified_gmt":"2025-09-10T13:33:22","slug":"cam-bybit-fiu-ind-vdasp-registration","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2025\/09\/11\/cam-bybit-fiu-ind-vdasp-registration\/","title":{"rendered":"CAM advises and represents Bybit Technology Limited in securing FIU-IND registration as a VDASP"},"content":{"rendered":"<div style=\"text-align: justify; line-height: 150%;\">\n<p style=\"margin-bottom: 3%;\">Cyril Amarchand Mangaldas (CAM) represented Bybit, world&#8217;s second-largest cryptocurrency exchange by trading volume, in successfully navigating regulatory challenges to secure its registration as a Virtual Digital Asset Service Provider (&#8220; <span style=\"font-weight: bold;\">VDASP<\/span>&#8221;) with the Financial Intelligence Unit &#8211; India (&#8220; <span style=\"font-weight: bold;\">FIU-IND<\/span>&#8221;). CAM played a critical role in liaising with Indian law enforcement agencies to facilitate the unblocking of Bybit&#8217;s website, which had been restricted by the Ministry of Electronics and Information Technology (&#8220; <span style=\"font-weight: bold;\">MeitY<\/span>&#8221;). CAM 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.<\/p>\n<p style=\"margin-bottom: 3%;\">As part of Bybit&#8217;s regulatory and operational onboarding in India, 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&#8217;s diverse global product suite with Indian tax laws. This involved detailed analysis of income characterization, GST applicability, and withholding tax obligations.<\/p>\n<p style=\"margin-bottom: 3%;\">The transaction was led by  <span style=\"font-weight: bold;\">Pallavi Singh Rao<\/span>, <span style=\"font-style: italic;\">Partner;<\/span>  <span style=\"font-weight: bold;\">Shatrajit Banerji<\/span>, <span style=\"font-style: italic;\">Partner;<\/span> with support from  <span style=\"font-weight: bold;\">Shrish Gautam<\/span>, <span style=\"font-style: italic;\">Senior Associate;<\/span>  <span style=\"font-weight: bold;\">Siddharth Kothari<\/span>, <span style=\"font-style: italic;\">Associate;<\/span> and <span style=\"font-weight: bold;\"> Mainak Mukherjee<\/span>, <span style=\"font-style: italic;\">Associate.<\/span><\/p>\n<p style=\"margin-bottom: 3%;\"> <span style=\"font-weight: bold;\">Kunal Savani<\/span>, <span style=\"font-style: italic;\">Partner;<\/span> with support from  <span style=\"font-weight: bold;\">Bipluv Jhingan<\/span>, <span style=\"font-style: italic;\">Principal Associate;<\/span>  <span style=\"font-weight: bold;\">Shivam Garg<\/span>, <span style=\"font-style: italic;\">Principal Associate<\/span>; and  <span style=\"font-weight: bold;\">Samyak Navedia<\/span>, <span style=\"font-style: italic;\">Consultant.<\/span> assisted in tax related aspects of the transaction.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p style=\"font-style: italic;\">The advisory encompassed both direct and indirect tax domains, with a strategic focus on aligning Bybit&#8217;s diverse global product suite with Indian tax laws.<\/p>\n","protected":false},"author":67011,"featured_media":359730,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[45282,2],"tags":[88890,68835,88893,88891,88894,88892,88895],"class_list":["post-359708","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-law-firms-news","category-news","tag-bybit-technology","tag-cam","tag-cryptocurrency-regulation","tag-fiu-ind-registration","tag-india-crypto-compliance","tag-vdasp","tag-virtual-digital-asset-service-provider"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.4 (Yoast SEO v26.4) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>CAM Advises Bybit on FIU-IND Registration as VDASP | SCC Times<\/title>\n<meta name=\"description\" content=\"Cyril Amarchand Mangaldas advised and represented Bybit Technology Limited in 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