Bybit is resuming operations in India after registering in accordance with local regulations and paying a $1 million fine. The exchange temporarily left in January, citing changing licensing requirements.
Indian political figures have recently advocated for liberalizing the nation’s crypto laws, and Bybit wants to contribute. It joined a local Web3 association and partnered with blockchain societies at several major universities.
Bybit Returns to India
Bybit, the second-largest crypto exchange in terms of daily trading volume, is resuming services in India. The firm temporarily suspended trading services in the country around a month ago, citing changing regulations.
Specifically, India’s Financial Intelligence Unit (FIU-IND) required that Bybit receive licensing to prove compliance and pay a $1 million fee. According to a new press release, this has now been achieved:
“Bybit is committed to operating within the regulatory framework of India and takes its compliance obligations seriously. We have been working diligently with the FIU-IND to address their concerns and ensure full adherence to the Prevention of Money Laundering Act (“PMLA”) and associated regulations,” the press release claimed.
Bybit’s CEO also shared these developments on social media. This is a rather positive development for the crypto exchange, as India remains one of its key markets in Asia.
In addition, Bybit continues to face several regulatory hurdles worldwide. In November, Japan warned Bybit to register its operations, and customers in France can no longer withdraw any assets.
Still, Bybit isn’t the only exchange with disputes with India. Binance recently owed the Indian government $85 million in taxes, and other exchanges like WazirX faced similar scrutiny.
Also, the current government does not seem to have a very pro-crypto vision. Last year, Indian regulators strongly advocated banning Bitcoin and other assets to favor the nation’s CBDC.
However, this attitude may be changing. Earlier this week, India’s Economic Affairs Secretary suggested loosening the country’s crypto restrictions, claiming that cryptoassets “don’t believe in borders.”
“Bybit officially registers with India’s financial regulator and settles pending fines. Full operations license expected soon. Another W for crypto adoption in India, but get ready for that sweet 30% tax + 1% TDS,” wrote Budhil Vyas, a local crypto influencer.
The industry is dramatically growing worldwide, and India doesn’t want to lose out. This might help explain Bybit’s speedy return.
In any event, it’s difficult to predict big-picture political changes like that from here. For now, Bybit is back in business and is carrying out a few endeavors to reach India’s crypto community.
These include partnering with several university-based blockchain societies, becoming a member of the Bharat Web3 Association, conducting workshops and hackathons, and more.
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