- Bybit imposes an 18% GST on Indian users’ crypto service and trading fees from July 7.
- Indian users also face discontinued products amid increasing tax scrutiny.
- Bybit launches a licensed platform in Georgia with localized services and user rewards.
Bybit has intensified the tax load for Indian cryptocurrency users by enforcing an 18% Goods and Services Tax (GST) on all trading and service fees starting July 7.
In contrast, Bybit has launched a new locally licensed platform in Georgia—BybitGeorgia.ge—marking a significant expansion into the Caucasus region.
Bybit’s Dual Approach: Crypto Clampdown in India, Opportunity in Georgia
India’s crypto landscape has become increasingly restrictive, with aggressive enforcement actions by the Income Tax Department targeting underreported digital asset income. Bybit’s move to impose GST directly deducts user funds for nearly all services, removing user flexibility and potentially pushing traders toward less regulated or offshore alternatives. With over 310,000 active Indian users, this shift could have a noticeable impact on domestic crypto participation.
As part of its service restructuring in India, Bybit will disable new applications for its crypto debit card and deactivate all card functions by July 17. This step limits users’ ability to integrate digital assets into daily spending, further isolating crypto from mainstream financial ecosystems. Auto-repayment for discontinued crypto loans will be enforced after July 17, emphasizing the platform’s transition away from Indian retail products.
Meanwhile, Georgia stands out as a promising crypto hub due to its clear regulatory framework and openness to innovation. Bybit secured a local license to operate legally in the country, becoming the first major international exchange to do so. This gives Georgian users access to a secure and compliant environment, aligning with Bybit’s broader strategy of localized and licensed global expansion.
Bybit’s campaign in Georgia reflects a long-term commitment to regional user growth, using incentives like USDT rewards and referral bonuses to stimulate activity. With daily commissions of up to 30% for referring friends and trading bonuses reaching $1,000 through mystery boxes, the initiative mirrors successful community-building strategies used in other emerging crypto markets. This approach may provide a blueprint for future launches in similarly welcoming jurisdictions.
Bybit’s contrasting decisions in India and Georgia highlight how national policy shapes crypto strategy. Where regulation stifles, opportunity blooms elsewhere.
“When one door closes, another opens; but we often look so long and so regretfully upon the closed door that we do not see the one which has opened for us.” – Alexander Graham Bell
