Cyril Amarchand Mangaldas Advises, Represents KuCoin

Cyril Amarchand Mangaldas (CAM) advised and represented KuCoin (Peken Global Limited), one of the largest global digital assets exchanges, before the Financial Intelligence Unit - India (FIU-IND) and Ministry of Electronics and Information Technology (MEITY), resulting in unblocking of KuCoin's platform in India and making it the first offshore digital assets/cryptocurrency platform to become a FIU-registered VDASP in India.

Kucoin is the first offshore global cryptocurrency exchange platform to register with the FIU-IND. CAM advised and assisted in the documentation for KuCoin’s FIU-IND registration, while also successfully defending against App/website ‘take-down’ orders imposed by the MEITY in December 2023. CAM appeared before the regulatory authorities, on behalf of KuCoin, leading to withdrawal of the MEITY orders,  unblocking of KuCoin’s website and its application on Google Play / Apple stores. The team also advised KuCoin on their India ‘on-shoring’ strategy and taxation aspects.

The team that represented KuCoin was led by Anu Tiwari, Partner & Co-Head Fintech; Pallavi Rao, Partner; and Gauhar Mirza, Partner; with support from Utkarsh Bhatnagar, Principal Associate; Hiral Gupta, Principal Associate; Aditya Sarkar, Associate; Shrish Gautam, Associate; Paavni Jain, Associate; Dhruv Chhajed, Associate; and Varnika Pasricha, Associate.

The tax team advised on the virtual assets taxation aspects and was led by Kunal Savani, Partner; with support from Bipluv Jhingan, Principal Associate; ShivamGarg, Senior Associate; and Lakshya Gupta, Associate.