Indian Crypto Exchange CoinDCX Is Cutting 12% of Jobs as Bear Market, Taxes Take Their Toll

CoinDCX, 1 of India's astir salient cryptocurrency exchanges, is cutting astir 12% of its staff arsenic the prolonged carnivore marketplace hits revenue, it announced connected Tuesday.

The speech is laying disconnected 71 employees whose roles bash not acceptable into existent concern priorities, a institution spokesperson told CoinDesk. The institution has astir 590 employees. Several teams were affected by the occupation losses.

India has imposed stiff taxes connected crypto: A 30% taxation connected crypto profits and the much controversial 1% taxation deducted astatine root (TDS) connected each transactions since Feb. 1 2022.

" ... startups and businesses globally are going done challenging times owed to pugnacious macro conditions, much truthful successful crypto due to the fact that of the prolonged carnivore marketplace and interaction of TDS (tax deducted astatine source) connected home exchanges," the institution said. "These factors had a important interaction connected our volumes and frankincense revenues ... we person made the hard determination to resize definite teams and to steer the concern towards a profitable and sustainable growth."

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