CoinSwitch, a famous crypto investment company in India, has decreased its consumer support team. The platform decided to cut the team while referring to the very minimized market activity. The company carried out forty-four dismissals nearly 3 weeks back. The respective figure accounted for less than seven percent of the cumulative employees, as per its spokesperson.
CoinSwitch Eliminates Forty-Four Employees, Citing Bad Conditions of the Market
The company has appointed almost sixty people following April this year. Most of the respective appointed people dealt with compliance and product technology. Before the dismissals, the cumulative employee strength of the platform was approximately 640. At present, there are up to eighty-two participants in the client support team.
CoinSwitch is not the sole company that requires adapting to a modified environment. A few days back, CoinDCX (a strong competitor of CoinSwitch) also eliminated up to twelve percent of the staff. In this respect, it eliminated almost seventy-one employees while the tax regime of India became strict. In addition to this, the bear market in the crypto world has also increased the pressure.
Bear Market and India’s Crypto Taxes Slow down Crypto Sentiment Within Region
Both the respective factors minimized the trading volumes, resulting in an obvious slump in revenue. The country has implemented strict taxes in the case of crypto assets. These things take into account a thirty percent tax on profits gained from crypto. Moreover, it also deals with an additional controversial one percent tax deducted at source (TDS).
The respective tax was enacted on the 1st of February last year. It was imposed on all types of transfers. The firm’s spokesperson added that when the volumes witness an increase, the company will be eager to call back the impacted employees. The platform reportedly provided severance as well as extra advantages for nearly 4 months in line with the dismissed employees’ tenure.
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