Cyril Amarchand Mangaldas Advised And Represented KuCoin, Pioneering As First Off-shore FIU-Registered Virtual Digital Assets Service Provider In India
Cyril Amarchand Mangaldas (CAM) provided counsel and representation to KuCoin (Peken Global Limited), a prominent global
Cyril Amarchand Mangaldas Advised And Represented KuCoin, Pioneering As First Off-shore FIU-Registered Virtual Digital Assets Service Provider In India
Cyril Amarchand Mangaldas (CAM) provided counsel and representation to KuCoin (Peken Global Limited), a prominent global digital assets exchange, before the Financial Intelligence Unit - India (FIU-IND) and Ministry of Electronics and Information Technology (MEITY). As a result of CAM's efforts, KuCoin's platform was successfully unblocked in India, marking it as the first offshore digital assets/cryptocurrency platform to attain registration as a FIU-registered Virtual Digital Asset Service Provider (VDASP) in India.
CAM played a pivotal role in facilitating KuCoin's documentation for FIU-IND registration, ensuring compliance with regulatory requirements. Additionally, CAM effectively defended against App/website 'take-down' orders imposed by MEITY in December 2023. Through representation before regulatory authorities, CAM secured the withdrawal of MEITY orders, leading to the unblocking of KuCoin's website and application on Google Play/Apple stores. The team also advised KuCoin on their India ‘on-shoring’ strategy and taxation aspects.
The team at CAM, led by Anu Tiwari, Partner & Co-Head of Fintech, Pallavi Rao, Partner, and Gauhar Mirza, Partner, demonstrated expertise and dedication throughout the process. They were supported by a skilled team including Utkarsh Bhatnagar, Principal Associate, Hiral Gupta, Principal Associate, Aditya Sarkar, Associate, Shrish Gautam, Associate, Paavni Jain, Associate, Dhruv Chhajed, Associate, and Varnika Pasricha, Associate.
In addressing taxation aspects, CAM's tax team, led by Kunal Savani, Partner, along with Bipluv Jhingan, Principal Associate, Shivam Garg, Senior Associate, and Lakshya Gupta, Associate, provided comprehensive guidance on virtual assets taxation.
CAM not only facilitated KuCoin's regulatory compliance and successfully resolved legal challenges but also provided strategic advice on KuCoin's 'on-shoring' strategy in India. This ensured a comprehensive approach to addressing operational and taxation concerns. The final order, received on March 22, 2024, signaled the successful culmination of CAM's efforts in facilitating KuCoin's operations in India.