Italy’s government is reconsidering its proposed tax increase on cryptocurrency trades, opting to lower the planned rate from 42% to 28%. This adjustment follows concerns from industry leaders who warned that the steep tax could damage the country’s competitiveness in the growing digital asset sector.
Currently, Italy taxes crypto transactions at 26%, but the government had originally proposed the higher rate to bolster public finances. To strike a balance, Prime Minister Giorgia Meloni’s coalition is supporting amendments, including a 28% cap suggested by the League party. Meanwhile, Forza Italia has proposed exempting gains under €2,000 to encourage wider participation in cryptocurrency.
The revised approach could strengthen Italy’s position in the digital asset market, particularly as the European Union prepares to implement the Markets in Crypto-Assets framework later this year. By adjusting its tax policy, Italy seeks to foster industry growth while maintaining a competitive edge.
India’s technology workforce is expected to expand significantly by 2028, creating an estimated 2.73 million new tech jobs, according to a ServiceNow report. As AI transforms industries nationwide, the overall workforce in India is projected to increase by 33.89 million, rising from 423.73 million in 2023 to 457.62 million. This growth is anticipated to bring a wave of new opportunities for professionals, particularly in tech-focused roles.
The retail sector is expected to drive the bulk of new employment, requiring nearly seven million additional workers as it adapts to tech innovations. Job opportunities in retail will increasingly demand skills in software development and data engineering, aligning with a broader shift towards a tech-enabled workforce. Other sectors set for growth include manufacturing, which anticipates 1.5 million new roles, as well as education and healthcare, each expected to see hundreds of thousands of new job openings.
ServiceNow’s research underscores the need for upskilling initiatives to support this tech-driven transition. Companies and policymakers are urged to work together in facilitating training efforts, ensuring a seamless shift for professionals moving into technical roles. Strategic investments in tech skills will also provide pathways for individuals to pursue advanced digital careers across various industries.
Demand for tech roles such as Software Application Developers, Systems Software Developers, and Data Engineers is expected to soar, with tens of thousands of new positions in these fields. Other high-demand roles include Web Developers, Data Analysts, and Software Testers, reflecting a growing need for skilled professionals to support expanding digital economy in India.
The US Supreme Court will review a high-stakes securities fraud case involving Nvidia, the chipmaker widely known for its AI hardware. Nvidia faces accusations from shareholders who claim the company misled investors about its exposure to the cryptocurrency market. The case, originating from a 2018 class-action lawsuit led by Swedish investment firm E. Ohman J:or Fonder AB, alleges Nvidia downplayed the extent to which its revenue was driven by crypto mining—a volatile business tied to fluctuating cryptocurrency values. The lawsuit contends that Nvidia’s failure to fully disclose this dependency led to an inflated stock price that plummeted when the crypto market softened in late 2018.
Nvidia’s legal defence argues that the plaintiffs did not meet the rigorous legal standards set by the 1995 Private Securities Litigation Reform Act, which requires concrete evidence of intentional or reckless deception to pursue securities fraud claims. The Ninth Circuit Court of Appeals revived the lawsuit after a federal judge initially dismissed it, ruling that the plaintiffs presented sufficient claims that Nvidia’s CEO, Jensen Huang, knowingly or recklessly misrepresented the company’s crypto-related revenues.
The case is one of two before the Supreme Court this month that could alter the legal landscape for securities fraud litigation. The other case, brought against Meta Platforms’ Facebook, also examines the threshold for holding corporations accountable for alleged deception. With President Biden’s administration backing the shareholders in the Nvidia case, the rulings, expected by mid-2024, could make it significantly harder for private parties to sue companies for alleged fraud, depending on the Court’s decision.
In a significant rise, over 5 million Koreans used the ChatGPT app in October, a sevenfold jump from the previous year, according to data from WiseappㆍRetailㆍGoods. This surge marks a milestone, with around 10 percent of smartphone users in Korea, totalling 51.2 million, now engaging with ChatGPT regularly.
Reports reveal that Korean users are also spending more time on the app, averaging 51.6 minutes each month—an increase of 20 minutes compared to last year. Frequency of use has similarly grown, with users logging into ChatGPT around 5.7 days a month, up from 3.2 days last year.
The increase in Korea is part of a larger global trend, with ChatGPT visits worldwide reaching 3.1 billion in September, a dramatic 112 percent increase year-on-year. This global growth underscores the rising appeal and practicality of AI applications like ChatGPT.
Analysts attribute this trend to ChatGPT’s expanding capabilities, making it a versatile tool for both personal and professional use. As more people discover its potential, ChatGPT’s popularity is expected to continue climbing globally and within Korea.
Huawei Technologies has called on a US judge to dismiss most of the federal charges accusing the company of conspiring to steal technology secrets from American firms and misleading banks about its business dealings in Iran. In a court filing in Brooklyn, Huawei described the accusations as part of the Department of Justice’s ‘ill-founded’ China Initiative, aimed at prosecuting Chinese entities. The company argued there is no substantial evidence of a conspiracy and that several charges relate to actions outside the United States.
The telecommunications giant contended that the bank fraud allegations rely on a ‘right to control’ theory of fraud, which the US Supreme Court invalidated in a separate case last year. Huawei, which operates globally from its base in Shenzhen with around 207,000 employees, has pleaded not guilty. A trial is set for January 2026. A spokesperson for the US Attorney’s office declined to comment, and Huawei’s legal team did not respond to requests for remarks.
The case dates back to 2018 and led to the high-profile detention in Canada of Huawei’s Chief Financial Officer Meng Wanzhou. Although charges against her were dropped in 2022, the controversy remains a significant chapter in US-China tensions. The China Initiative, under which Huawei was prosecuted, was initiated during Donald Trump’s presidency to curb alleged intellectual property theft by Beijing but was terminated by the Biden administration in 2022 following criticism of racial profiling and the negative impact on research.
Collapsed cryptocurrency company FTX has filed a lawsuit against Binance and its former CEO Changpeng Zhao, alleging that $1.8 billion was fraudulently transferred to Binance and its executives. The case centres on a 2021 transaction in which Binance sold its stake in FTX, which it initially acquired in 2019, back to FTX for $1.76 billion. The funds for the buyout reportedly came from FTX’s Alameda Research division, which was insolvent at the time, according to the lawsuit.
FTX’s administrators claim that Alameda’s use of tokens to finance the share repurchase was improper, as the division did not have the resources to cover the transaction. The lawsuit, filed in Delaware, seeks to recover the $1.76 billion for FTX‘s creditors and demands compensatory and punitive damages. Binance has dismissed the lawsuit as ‘meritless’, pledging to defend itself vigorously. Changpeng Zhao, also known as ‘CZ’, has not yet commented.
The legal battle adds to ongoing tensions between the two former crypto giants. FTX, once a dominant player in the cryptocurrency industry, collapsed in late 2022 after Binance withdrew a rescue offer. FTX’s founder, Sam Bankman-Fried, was sentenced to 25 years in prison earlier this year for embezzling $8 billion. Meanwhile, Zhao was given a four-month sentence for breaching US anti-money laundering laws.
Ecosia, the Berlin-based eco-conscious search engine and Qwant, France’s privacy-focused search platform, are teaming up to build a European search index. The joint venture, named European Search Perspective (EUP), seeks to reduce reliance on tech giants like Google and Microsoft, whose search APIs have become increasingly costly. This collaboration is set to foster innovation, particularly in integrating generative AI technologies into search experiences.
Both companies currently rely on Big Tech for their search backends but are determined to develop a sustainable alternative that aligns with their unique values. EUP’s index, expected to launch in early 2025, will serve traffic in France before expanding to Germany and other European languages. The partnership will enable Qwant and Ecosia to retain their distinct user experiences while benefiting from shared resources and investment.
Privacy and data sovereignty are at the heart of the initiative. Unlike major competitors, EUP’s index won’t personalise results based on user data, maintaining a privacy-first approach. This move aligns with Europe’s growing emphasis on strategic autonomy in technology, especially as AI advances create both opportunities and risks. As the first step toward a more independent tech ecosystem, EUP represents a significant shift in Europe’s search market, challenging the dominance of US tech giants and laying the groundwork for a more diverse, innovative digital future.
Japan’s government will not impose any tax increases to finance its ambitious 10 trillion yen ($65 billion) plan aimed at bolstering the country’s semiconductor and AI sectors, Industry Minister Yoji Muto announced on Tuesday. The statement followed Prime Minister Shigeru Ishiba’s unveiling of the substantial aid package to strengthen Japan‘s technology industry.
Prime Minister Ishiba clarified that deficit-covering bonds would not be issued to fund the initiative. The government’s approach to supporting high-tech projects is intended to enhance Japan’s global competitiveness without burdening taxpayers or adding to the national debt.
The funding strategy underscores Japan’s commitment to advancing domestic technology sectors while maintaining fiscal responsibility. The measures reflect a broader effort to secure the nation’s position in critical technology fields, vital for economic growth and national security.
Ben Peters, known for his work in autonomous vehicles, is shifting gears with Cogna, a UK-based AI startup that just secured $15M in Series A funding led by Notion Capital. Hoxton Ventures and Chalfen Ventures also joined the round, which follows an earlier $4.75M seed investment. Cogna’s mission is to revolutionise enterprise resource planning (ERP) by using AI to develop custom software tailored to businesses’ specific workflows.
Cogna’s AI-driven platform claims to streamline the traditionally cumbersome and expensive ERP processes used for managing procurement, supply chains, finance, and more. Customers like Cadent Gas and Network Plus have already adopted Cogna’s solutions, which deliver bespoke software experiences through a seamless SaaS interface. Peters emphasises that the platform enables non-technical teams to articulate their needs in natural language, letting the AI handle the rest.
Leveraging tools from providers like OpenAI and Anthropic, UK based Cogna combines generative AI with specialised engineering to write code that meets unique enterprise requirements. This approach positions Cogna to compete with established IT consulting giants while carving a niche in the lucrative enterprise AI market. Peters, drawing on his expertise from FiveAI, is confident in his ability to adapt and innovate as Cogna scales its groundbreaking solutions.
Bitcoin has overtaken silver in market capitalisation, reaching $1.75 trillion after briefly crossing $89,000 before retracing slightly. The achievement positions Bitcoin as the eighth-largest global asset, surpassing silver, which fell to $1.732 trillion. The cryptocurrency has risen by 30% over the past week, while silver declined by over 6%.
This marks the second time Bitcoin has flipped silver in 2023, signalling a growing shift in perception among traditional investors. Increasing institutional demand and enthusiasm for spot Bitcoin ETFs have driven its rise, while silver, often viewed as a stable store of value, has struggled.
Broader market optimism, spurred by recent political shifts in the US elections, has played a role in Bitcoin’s surge. Pro-crypto lawmakers gaining power have boosted investor sentiment, with the “Bitcoin Industrial Complex” index seeing record trading volumes. Stocks like Coinbase and MicroStrategy hit multi-year highs, reflecting the growing adoption of Bitcoin as a hedge against market uncertainties.
