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

1. CoinDCX, a major Indian cryptocurrency exchange, is reducing its workforce by 12% due to the extended bear market affecting revenue.

2. The exchange is letting go of 71 employees whose roles don't align with current business priorities.

3. The company's total workforce is around 590 employees, and various teams are impacted by the layoffs.

4. #India has introduced significant taxes on crypto, including a 30% tax on profits and a controversial 1% #tax deduction at source (TDS) on transactions.

5. #Global startups, including crypto businesses, face challenges due to macroeconomic conditions, worsened by the crypto bear market and #TDS impact on domestic exchanges.

6. #CoinDCX stated that these factors led to reduced volumes and revenues, prompting the need to resize certain teams for profitable and sustainable growth.