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Indian Crypto Exchange CoinDCX Is Cutting 12% of Jobs as Bear Market

CoinDCX, one of India's most prominent cryptocurrency exchanges, is cutting about 12% of its staff as the prolonged bear market and India's tax policies hit revenue. The exchange is laying off 71 employees whose roles do not fit into current business priorities, a company spokesperson told CoinDesk on Tuesday. The Mumbai-based company, founded by Neeraj Khandelwal and Sumit Gupta in 2018, has about 590 employees. Several teams were affected by the job losses. India has imposed stiff taxes on crypto, including a 30% tax on crypto profits and the more controversial 1% tax deducted at source (TDS) on all transactions since Feb. 1 2022.

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