Cryptocurrency exchange Bybit has announced it will start charging 18% GST for its services on Monday, as per an official update on its website. The GST will be levied on trading fees and service charges, specifically in spot trading, margin trading, derivatives, unified trading accounts, crypto withdrawal, and other services.
Along with the taxes levied on existing products, Bybit will be discontinuing existing services such as legacy crypto loans, Bybit cards, and five of its specialized trading bots. These services will no longer be available from July 9, 2025.
Bybit has clarified that this is only a general overview of how it may list GST charges and that it may apply costs to other relevant scenarios as well.
Bybit is the second-largest cryptocurrency exchange with a 24-hour trading volume of $1.89 billion according to CoinGecko. The platform serves over 60 million users in 160 countries, and its presence in India means that 310,000 users will be affected by the changes.
India already has a 30% tax in place for crypto gains and a 1% TDS, which was introduced in 2022, mimicking Denmark and Japan, countries that have applied a high level of tax on cryptocurrency.