India has reversed its stance from effectively banning cryptocurrencies in 2018, proposing a 30% tax on income from the transfer of digital assets, signalling the country’s desire to recognise its cryptocurrency industry. However, losses from such digital transactions will not be allowed to be used to offset income from other sources. This follows a worldwide move by many governments to begin moving towards crypto regulation. India ranks second on the Global Crypto Adoption Index, which weighs cryptocurrency use against a country’s purchasing power parity.
Pelosi drops opposition to ban on Congress trading stocks
US House Speaker Nancy Pelosi has finally ceased objection to a proposed ban on congress members trading stock. Pressure from both the public and members of congress has been growing in the past year, citing that lawmakers and their families have an unfair advantage as they would be privy to market-moving information before the public is. This comes months after a similar ban on top officials in the Federal Reserve, limiting them from buying individual stocks and bonds. Several proposals for the congress ban have been submitted, and the legislation is expected to be put up to a vote this year.
UK chip designer Arm eyes IPO on Nasdaq
Having failed in its attempted merger with chip giant Nvidia due to regulatory challenges, Arm is now eyeing the US – as opposed to a listing on home soil – for its public listing. Arm is one of the darlings of the UK tech industry, and their energy-efficient chip designs are used in most of the world’s smartphones. Bought by Softbank in 2016 for $32 billion, Arm was set to be sold to Nvidia in a $40 billion deal announced in 2020. Now, Softbank has said that Arm is preparing for an IPO within the fiscal year, ending in 31 March 2023. Its CEO, Simon Segars, has been replaced by Rene Haas with immediate effect.