What led to the layoffs of 44 employees at crypto startup CoinSwitch

Coinswitch has laid off 44 employees from support team, citing low trade volumes amid challenging market conditions.

Earlier, CoinDCX laid off 74 employees or 12% of its total workforce, citing similar reasons.

The downfall of crypto industry started when FM Sitharaman introduced 30% tax on crypto assets.

The introduction of 30% taxation significantly affected the overall trading volumes.