CoinSwitch, a crypto exchange based in India, has recently cut its workforce due to the prolonged cryptocurrency winter. The exchange has laid off 44 employees from its customer support division in August, citing redundancy in roles amid the lack of customer queries. CoinSwitch stated that this decision was made to stay competitive and prioritize innovation, value, and service for its customers. This accounts for 8% of the total headcount of the firm.Another major Indian exchange, CoinDCX, also cut its staff by 12% recently. The firm cited market challenges and the 1% tax deducted at source (TDS) imposed on local crypto exchanges as the reasons for the layoffs. The impacted employees were promised a support package of severance pay equivalent to the full notice period, additional one month of salary, extension of health insurance and other support.India has imposed a 30% tax on crypto gains in 2022, which has resulted in a massive exodus of cryptocurrency service providers and a sharp decline in crypto trading activity. The country has also adopted a 1% TDS by crypto exchanges, meaning that exchanges are obliged to pay 1% on all transfers of crypto assets.

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Information	Details
Geography	Asia
Countries	🇮🇳
Sentiment	negative
Relevance Score	8
People	Sumit Gupta, Neeraj Khandelwal
Companies	CoinSwitch, CoinDCX, Indian PM Modi, TDS, G20 Summit
Currencies	Ethereum, Bitcoin, Indian Rupee
Securities	None