Indian crypto exchange CoinDCX lays off 12% of staff due to bear market and tax impact

08/22 09:26

According to CoinDCX, an Indian cryptocurrency exchange, the company will lay off about 12% of its staff due to long-term bear market affecting revenue. A spokesperson said the exchange will dismiss 71 employees, citing their roles not aligning with current business priorities. The company has about 590 employees, and multiple teams will be affected by the layoffs. India has previously implemented strict taxation on cryptocurrency trading: a 30% tax on profits from February 1, 2022, and a 1% tax on all transactions (TDS). 

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