Crypto exchange CoinDCX’s Chief Technology Officer (CTO) Vivek Gupta is resigning after five years with the company.

CoinDCX confirmed that his departure is expected by the end of June 2025.

He joined in 2020 as executive vice president (EVP) of technology and became CTO in 2023.

Before CoinDCX, Gupta held a leadership role at Instamojo.

CoinDCX’s head of legal is also expected to leave by the end of June, according to Entrackr.

The company saw a profit drop of 45.27% in FY24 as India plans new crypto rules.

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🔗 Source: YourStory

🧠 Food for thought

1️⃣ Executive departures reflect broader crypto market challenges in India

CoinDCX’s leadership changes come during a challenging period for India’s cryptocurrency sector, with the company experiencing a 45.27% drop in profit and a 12.4% decline in revenue for FY24 1.

This follows a pattern of financial pressure, as evidenced by the company’s August 2023 layoffs affecting approximately 12% of its workforce (around 70 employees) 2.

Despite achieving unicorn status in 2021 with a $1.1 billion valuation, CoinDCX has not secured external funding in the past three years, suggesting investor caution amid regulatory uncertainty 3.

These challenges are not unique to CoinDCX, as the entire Indian crypto ecosystem faces significant regulatory scrutiny, including a prohibitive tax structure with a 30% capital gains tax and a 1% transaction levy on all crypto transactions 4.

The Financial Intelligence Unit’s recent enforcement actions against non-compliant exchanges further illustrate the complex compliance landscape facing crypto businesses in India 5.

2️⃣ Strategic pivot toward international markets amid domestic headwinds

CoinDCX is actively pursuing geographic diversification through its expansion into the Middle East and North Africa region, particularly with its subsidiary BitOasis in Bahrain 6.

The company aims to generate 30% of its revenue from the MENA region, indicating a strategic shift to markets with potentially more favorable regulatory environments 7.

This international expansion comes as the company navigates declining trading volumes in its home market, where regulatory uncertainty continues to create operational challenges 3.

Despite these challenges, CoinDCX is investing in growth, currently hiring for over 100 positions including senior leadership roles, suggesting confidence in its long-term business prospects despite the executive transitions 6.

The company’s global ambitions reflect a broader trend among Indian crypto exchanges seeking to diversify their revenue streams beyond the challenging domestic market while maintaining their competitive position against global players 8.

3️⃣ India’s evolving crypto policy landscape signals potential industry shifts

The anticipated release of a discussion paper on crypto assets next month represents a significant moment for India’s cryptocurrency industry, potentially providing long-awaited regulatory clarity 1.

India’s reconsideration of its cryptocurrency stance comes amid changing global attitudes 9.

Despite the regulatory uncertainty, India ranks first globally in cryptocurrency adoption with approximately 20% of the population owning digital assets, demonstrating substantial market potential 4.

The government’s approach has evolved from earlier considerations of an outright ban to a more nuanced regulatory framework, including the application of anti-money laundering regulations to Virtual Asset Service Providers 10.

This policy evolution creates both challenges and opportunities for companies like CoinDCX, which must balance compliance requirements with innovation as they navigate India’s complex but potentially massive cryptocurrency market 10.

Recent CoinDCX developments

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