Odaily Planet Daily News Indian cryptocurrency exchange CoinDCX announced on Tuesday that due to the long-term bear market affecting revenue, the company will lay off about 12% of its staff.
A spokesman said the exchange would be laying off 71 employees, saying their roles were not in line with current business priorities. The company has about 590 employees, with multiple teams affected by layoffs.
India has previously imposed strict taxes on crypto transactions: from February 1, 2022, a 30% tax on profits and a 1% source tax (TDS) on all transactions. (CoinDesk)