Indian cryptocurrency exchange CoinDCX to lay off 12% of its workforce due to bear market and tax impact

ChainCatcher news, according to CoinDesk, due to the impact of the bear market and taxes, Indian cryptocurrency exchange CoinDCX announced a 12% layoff (71 people). The company currently has about 590 employees.

It is reported that India has imposed a 30% tax on cryptocurrency profits since February 1, 2022, and a more controversial 1% Tax Deducted at Source (TDS) on all transactions.