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Coin Geek
an hour ago
- Business
- Coin Geek
OpenAI rolls out first international learning platform
Getting your Trinity Audio player ready... OpenAI, the maker of ChatGPT, has entered into a strategic agreement with the IndiaAI Mission to introduce OpenAI Academy in India. This marks the platform's first-ever international Academy chapter, and the formal start of OpenAI's education and artificial intelligence (AI) literacy programs in India. The South Asian nation currently represents the second-largest market for ChatGPT users, highlighting the country's growing interest in AI tools and applications. The collaboration aims to expand access to AI education and training across the country. The partnership underscores India's broader efforts to make advanced technologies more accessible and inclusive as part of its national AI development strategy. 'Together with IndiaAI, we're working to equip the next generation of students, developers, and mission-driven organizations with the tools and training they need to build responsibly with AI,' the company said. As part of the agreement, OpenAI will contribute a range of educational materials and resources to support IndiaAI's 'FutureSkills' initiative, as well as the iGOT Karmayogi platform, which is focused on upskilling civil servants. Additionally, OpenAI will offer up to $100,000 in application programming interface (API) credits to 50 fellows and startups selected under the IndiaAI Mission. The initiative seeks to make AI skills accessible to a broad audience nationwide by providing both online and offline training in English and eventually other regional languages. A key goal of the initiative is to train one million teachers in the practical use of generative AI technologies. OpenAI also plans to organize hackathons across seven Indian states, aiming to engage around 25,000 students. Jason K., Chief Strategy Officer at OpenAI, reportedly said, 'India is emerging as one of the most dynamic hubs for AI innovation. We are thrilled to collaborate with IndiaAI to empower individuals with the skills and confidence to harness AI meaningfully in their daily lives and careers.' 'As demand for AI professionals is expected to reach 1 million by 2026, there's a significant opportunity and a need to expand AI skills, development and make sure people from every part of India can participate and benefit,' he added. The initiative comes at a time when OpenAI is navigating a challenging legal landscape in India, where it is attempting to argue that Indian courts lack jurisdiction over its United States-based operations. This position is likely to face scrutiny, especially given past instances where similar arguments by platforms like Elon Musk's X have been unsuccessful, and tech companies have come under pressure from Indian authorities over regulatory compliance. OpenAI is embroiled in a legal dispute initiated by the Indian news agency ANI. The case centers on allegations that OpenAI used copyrighted content without authorization, intensifying the legal and regulatory challenges the company faces in one of its most important markets. Major shift in Sam Altman's India vision In February, OpenAI's chief executive, Sam Altman, held discussions with India's Minister for Electronics and Information Technology (MeitY), Ashwini Vaishnaw, to explore collaborative opportunities in building an affordable and accessible AI infrastructure in India. The talks focused on areas such as the development of AI models, production of graphics processing units (GPUs), and the creation of practical AI-driven applications tailored to India's needs. 'Had super cool discussion with Sam Altman on our strategy of creating the entire AI stack – GPUs, model, and apps. Willing to collaborate with India on all three,' Vaishnaw wrote on X after the discussions. Altman's India visit marked a notable change in his outlook compared to his statements in 2023, when he expressed skepticism about the ability of countries outside the United States to develop cutting-edge AI technologies. His recent engagement signals a recognition of India's growing influence in the global AI landscape and its potential to become a key contributor to the next wave of AI advancements. 'India is an incredibly important market for AI in general, for OpenAI in particular. It's our second-biggest market, and we have tripled our users here in the last year… The country has embraced AI technology and is building the entire stack, from chips to models and applications,' Altman had said in February. India's AI market to more than triple to $17 billion by 2027 Altman's change in outlook toward India is no coincidence—it mirrors the nation's fast-growing influence in the global technology arena. Thanks to its vast digital population and abundance of skilled engineers, India is increasingly seen as a center for innovation, real-world testing, and large-scale implementation of advanced technologies such as artificial intelligence. As the world's second-largest online market, boasting over 900 million Internet users, India presents a powerful combination of widespread mobile connectivity and strong digital infrastructure. This makes the South Asian powerhouse an ideal environment for launching scalable, affordable AI innovations tailored to both local and global needs. According to a report by the Boston Consulting Group (BCG), India's domestic AI market is projected to more than triple to $17 billion by 2027, making it one of the fastest-growing AI economies globally. This momentum is fueled by rising enterprise tech investments, a thriving digital ecosystem, and a robust talent base. 'India already has 600,000+ AI professionals, with the number expected to double to 1.25 million by 2027. The country accounts for 16% of the global AI talent pool, second only to the United States, a reflection of both its demographic advantage and STEM (Science, technology, engineering, and mathematics) education pipeline,' the BCG report said. The supporting infrastructure is also evolving rapidly. By 2025, the world's most populous country is set to establish 45 new data centers, adding approximately 1,015 megawatts of capacity to its existing network of 152 facilities. India's startup landscape is evolving just as quickly. The country is now home to more than 4,500 AI-driven startups, with nearly 40% founded in the past three years, the BCG report said. These companies are bringing innovation to a wide range of industries, including healthcare, agriculture, transportation, and financial services. Many of them are tackling unique Indian problems through AI-based solutions, which are increasingly gaining relevance on a global scale. 'With its talent, scale, infrastructure, and policy tailwinds, India is not just poised to adopt AI, it is positioned to help define how AI shapes the global economy,' the BCG report pointed out. In March 2024, the Indian government approved a funding package of approximately $1.24 billion for the IndiaAI Mission, to be implemented over a five-year period. This significant investment is designed to accelerate the country's AI ecosystem, drive innovation, and support entrepreneurial ventures. According to the Union Cabinet—the country's highest policy-making authority—the initiative is expected to benefit the public and stimulate economic growth at the grassroots level. The IndiaAI Mission envisions the creation of a robust, inclusive AI ecosystem by addressing key areas such as equitable access to computing power, improved data quality, development of homegrown AI technologies, and fostering a skilled talent pool. It also aims to facilitate collaboration between academia and industry, support startups through risk capital, encourage socially beneficial AI applications, and uphold ethical standards in AI development. These goals are being pursued under seven foundational pillars that guide the Mission's framework. As part of its strategy, the Mission is building a scalable AI computing infrastructure tailored to the needs of India's expanding AI research and startup landscape. This includes setting up an advanced AI compute system equipped with over 18,000 GPUs, made possible through public-private partnerships. Eligible users will be able to access these computing resources at 40% reduced cost under the scheme, significantly lowering barriers to AI development and experimentation. In order for artificial intelligence (AI) to work right within the law and thrive in the face of growing challenges, it needs to integrate an enterprise blockchain system that ensures data input quality and ownership—allowing it to keep data safe while also guaranteeing the immutability of data. Check out CoinGeek's coverage on this emerging tech to learn more why Enterprise blockchain will be the backbone of AI . Watch: India posed to become leaders in Web3 title="YouTube video player" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen="">
Coin Geek
an hour ago
- Business
- Coin Geek
Philippines to implement ‘crypto' tax framework by 2028
Getting your Trinity Audio player ready... The Philippine government has committed to adopt an international reporting framework for digital currency assets by 2028, aligning with global efforts to curb cross-border tax evasion and illicit financial flows. The move underscores the country's Department of Finance's (DoF) push to strengthen fiscal transparency as digital currencies become more mainstream in the country. 'We need faster and stronger systems for collaboration if we are to beat tax evasion and illicit transactions,' Ralph Recto, Finance Secretary, said in a statement. 'The government must ensure that crypto-asset users are paying their fair share of taxes and that no illicit financial activity goes unpunished.' Joining 67 jurisdictions in global tax transparency initiative Source: Department of Finance/Facebook During the 8th Asia Initiative Meeting held in Malé, Maldives, Finance Undersecretary Charlito Martin Mendoza formalized the country's commitment to adopt the Crypto-Asset Reporting Framework (CARF), developed by the Organisation for Economic Co-operation and Development (OECD). The CARF is designed to standardize the automatic exchange of tax information on crypto-assets across jurisdictions. The framework ensures that individuals and entities engaging in cross-border digital asset transactions cannot hide income or gains from tax authorities. The Philippines joins 67 jurisdictions, 10 of which are in Asia, that have pledged to implement the CARF by either 2027 or 2028. The timing of the country's commitment aligns with the end of President Ferdinand Marcos Jr.'s six-year term, during which fiscal discipline and transparency have been recurring themes. 'This is a timely commitment as digital currency becomes one of the preferred means for transactions,' Recto noted. Digital currency growth and risks in the Philippines Recto previously stated that Filipinos have invested an estimated PHP6 trillion ($107 billion) in digital currencies, more than double the combined size of the country's business process outsourcing and offshore gaming sectors. 'In the Philippines, a lot of Filipinos have already invested in crypto. Something like 6 trillion pesos worth of investments in crypto is being done,' Recto told Bloomberg in an interview earlier this year. He attributed this growth to a tech-savvy, youthful population and the widespread use of digital wallets, noting that 90 million Filipinos now use such tools to save, invest, and transact. However, third-party data paints a more measured picture. Blockchain analytics firm Chainalysis estimated the Philippines' 2024 crypto flows at $43.1 billion, down from $66 billion in 2023. The firm attributed the apparent 40% drop to revised methodologies for tracking decentralized finance (DeFi) activity. Despite the discrepancy, the numbers underscore the importance of tax authorities keeping pace with the rapid adoption of digital currencies. The decentralized and borderless nature of digital assets presents challenges for enforcement and taxation. Boosting exchange of information ahead of CARF rollout The DOF also reported on parallel efforts to improve tax transparency and compliance mechanisms. At the Asia Initiative Meeting, the department shared the country's progress in adopting the Convention on Mutual Administrative Assistance in Tax Matters (MAAC), a multilateral tool for tax assessment and collection cooperation. It also outlined the steps taken to prepare for the Enhanced Monitoring Process, the strengthening of the Exchange of Information (EOI) on request, and the adoption of the Common Reporting Standards (CRS). The Asia Initiative aims to enhance international cooperation on tax transparency and combating illicit financial flows. The Philippines became a member in 2023 and has since been working to align with globally agreed-upon standards. The meeting also marked the launch of the 2025 Tax Transparency in Asia Report, which details regional progress made in applying tax transparency frameworks throughout 2024. Globally, efforts in tax transparency have proven effective. From 2009 to 2024, at least €24 billion ($27 billion) in additional revenue has been identified through EOI, offshore investigations, AEOI (Automatic Exchange of Financial Account Information), and related disclosure programs. In 2024 alone, €1.9 billion ($2 billion) in undeclared income was identified through these means. Raising revenue without tax hikes The CARF commitment comes as the Marcos administration reiterates its intention not to introduce new taxes. Instead, it aims to increase state revenue through improved collection and enforcement. This policy direction already has been bearing results, according to the government agency. In April 2024, revenue collection reached PHP522.1 billion ($9 billion), bringing the total for the first four months to PHP1.5 trillion($26 billion). Of this, 94% came from taxes, thanks to an 11.49% increase in tax revenues. The DOF says the digital currency framework complements these efforts by plugging gaps in areas where tax evasion risks are highest. Watch: The Philippines is moving toward blockchain-enabled tech title="YouTube video player" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen="">
Coin Geek
an hour ago
- Business
- Coin Geek
Pro-Israel hackers steal $90M from Iranian exchange: report
Getting your Trinity Audio player ready... A pro-Israel hacking collective has made off with $90 million worth of digital assets in a hack on Nobitex, an Iranian exchange. The group, known as Gonjeshke Darande (which is Farsi for 'Predatory Sparrow'), took responsibility for the attack in posts on X. The group followed up by releasing Nobitex's source code and warning that all assets remaining with the exchange were at risk. 'The Nobitex exchange is at the heart of the regime's efforts to finance terror around the world,' claimed Gonjeshke Darande in an X post. 'Nobitex does not even hide the fact that it circumvents sanctions, but rather explicitly teaches this on its website. The regime's dependence on this exchange is so great that working at Nobitex is considered an alternative to military service, as this channel is vital to the regime.' According to the group, the trove includes $48.7 million in USDT, $6.7 million in Dogecoin, and $1.9 million in BTC. Notably, the group claimed it had 'burned' the stolen funds by sending them to addresses with no known keys, effectively destroying the hoard. Blockchain investigator Elliptic corroborates this, finding funds began flowing from Nobitex to addresses containing variations of the term 'F*ckIRGCTerrorists' on the morning of the attack. Earlier this week, the group took responsibility for another hack that destroyed data at Iran's state-owned bank Sepah, saying that it was an institution that 'circumvented international sanctions and used the people of Iran's money to finance the regime's terrorist proxies, its ballistic missile program and its military nuclear program.' However, the group has a longer history of targeting Iran. An attack in 2023 apparently shut down 70% of the gas stations in Iran. In 2022, they claimed credit for a fire that broke out in an Iranian steel mill in a rare instance of physical damage resulting directly from a hacking attack. Gonjeshke Darande's claims about Nobitex are hardly controversial. Next to North Korea, the country is regularly named in the context of digital assets' role in helping states blunt or avoid international sanctions. A series of reports from Reuters in 2022 accused Binance of helping Iranian nationals to make $8 billion worth of digital asset transactions in violation of international sanctions, with most of the funds flowing straight to Nobitex. Iranian officials have openly advocated for using digital assets to get around sanctions, and Western-based companies—including Kraken—have been stung by regulators looking to punish entities who aid in sanctions evasion by processing transactions from Iran. Though the regime's ability to secure financing appears to be the hack's ultimate target, the funds taken from the exchange undoubtedly belonged to many individuals inside and outside Iran who have now lost access to their assets. Indeed, posts on the topic are flooded by ostensibly Iranian X accounts begging for their funds to be returned. Assuming Gonjeshke Darande sent the assets to wallets it had no access to; traditional wisdom would dictate that the funds are lost forever. However, there is growing recognition that individuals might be able to use the courts to force the return of their stolen assets so long as they can prove ownership. Services like Token Recovery have cropped up who make such recovery their business model. Whether anyone with assets held on Nobitex will successfully recover their funds remains to be seen. Given how much of the stolen assets are USD stablecoins, the dollars underlying each one are still held by their issuers, notwithstanding the hackers burning the coins themselves, which may make for an interesting avenue of redress for anyone affected. Watch: Here's how Triple Entry Accounting guarantees trust in accounting title="YouTube video player" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen="">
Coin Geek
an hour ago
- Business
- Coin Geek
60% of Fortune 500 firms pursue blockchain initiatives: report
Getting your Trinity Audio player ready... A Coinbase (NASDAQ: COIN) report has highlighted the trend of Fortune 500 companies turning their attention to blockchain to address specific pain points in their internal operations. According to the State of Crypto report, six out of 10 Fortune 500 companies are exploring the viability of blockchain-based solutions, with surveyed executives including the emerging tech in their short and medium-term objectives. One out of every five executives says blockchain is a part of the long-term plan of their company's operations, rising by an impressive 47% over the last year. While Fortune 500 companies show a large appetite for blockchain, small and medium-sized businesses also embrace the technology. 80% of surveyed respondents revealed that blockchain would assist in internal operations, particularly managing invoices and accounts receivable, leaning on smart contract automation and transparency features. Out of the respondents without active blockchain initiatives, 46% have unveiled plans to explore the technology within three years. The renewed interest is particularly impressive in the face of rising artificial intelligence (AI) adoption and the frantic race among corporations to integrate AI models into their operations. Fortune 500 companies and SMBs are eyeing the real-world use cases from blockchain integrations. Behemoths are particularly keen on the tokenization capabilities of blockchain, with financial sector players leading the charge in this regard. Both cohorts are turning to blockchain for its decentralized fundraising utility and use cases in real-time and cross-border payment functionality. Several factors are in play behind the growing institutional interest in blockchain. While government agencies have hinted at increased industry cooperation, large firms and small business operators have their eyes peeled on incoming U.S. legislation for digital assets. 'It's clear greater regulatory certainty is still required for the potential of crypto to be fully realized,' read the report. 'That's why passing market structure and stablecoin legislation is so critical to the future of crypto innovation in America.' Blockchain-based companies are on the rise Despite the surge in AI-focused companies, blockchain-based firms are recording impressive growth metrics in several jurisdictions. One report notes that blockchain-focused firms in cybersecurity have gained a 200% ROI, outperforming the returns earned by AI-based companies. In Southeast Asia, Hong Kong is spearheading the growth spurt of blockchain-based companies with its Cyberport initiative. Since its launch, 150 Web3 firms have set up shop in Cyberport, lured by the prospects of tax breaks, regulatory support, and a raft of government-backed incentives. Pakistan's digital asset minister wraps up US tour after a raft of policy meetings Pakistan is inching closer to its goal of becoming a regional digital asset powerhouse with its latest play involving cross-border collaboration for technological advancements. According to an X post, Pakistan's Minister of State Crypto & Blockchain, Bilal Bin Saqib, has met with U.S. regulators to gather ideas. During his cross-country tour, Saqib had sit-downs with leading proponents of digital assets in the U.S., including Senator Cynthia Lumis and New York City Mayor Eric Adams. 'From Capitol Hill to the White House, I shared a new face of Pakistan: one driven by youth, innovation and global partnerships,' said Saqib. The month-long tour saw Saqib advance Pakistani digital asset interests in the U.S., borrowing a page from the country's emerging regulatory playbook. In his meetings with key U.S. figures, Saqib revealed plans by the Pakistani government to set up its own Strategic Bitcoin Reserve, mirroring the executive order signed by President Donald Trump. In his meeting with the NYC Mayor, Saqib mooted the idea of a bilateral relationship between Pakistan and the Big Apple. Notably, the Pakistani Minister of State for digital assets revealed that the Asian country is willing to partner with New York in regulation and innovation. NYC and Pakistan have previously launched Crypto Councils, with Saqib pushing for policy advisory initiatives between entities. Apart from Senator Lummis and Mayor Adams, Saqib met with Senators Tim Sheehy, Jim Justice, Rick Scott, and Bill Hagerty in a series of meetings in Washington, D.C. Saqib took the time to reel out the progress made by Pakistan in its digital asset ambitions. Firstly, the Minister revealed key steps toward launching a robust digital asset regulatory framework in the country and plans to embrace stablecoins for remittances. Pakistan soldiers on toward full digitization To achieve its ambitions for digitization, Pakistan has launched a new regulatory body to oversee the digital assets sector. Dubbed the Pakistan Digital Asset Authority (PDAA), the newly minted watchdog will oversee the licensing of digital asset service providers and stablecoin issuers. The country is taking a leap with Bitcoin mining, using surplus energy to mine the digital currency. Furthermore, the digital transformation spree sees regulators expand digital wallet coverage for aid distribution, with national birth and death records turning to blockchain for accuracy and transparency. Watch | The Strategic Shift 2025 Highlights: Transforming industries with SaaS & blockchain title="YouTube video player" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen="">
Coin Geek
8 hours ago
- Business
- Coin Geek
President Marcos Jr. approves 4 ecozones for H1 2025
Getting your Trinity Audio player ready... Pasay City — Strengthening its vision of eco-zoning the Philippines towards inclusive and sustainable development, the Philippine Economic Zone Authority (PEZA) continues to spur countryside development through the creation of more ecozones, seen to facilitate the growth and development of our regions and attract new and strategic investments in the country. PEZA Director General Tereso O. Panga said, 'As a medium-term strategy under the Philippine Development Plan, the ecozones will play a vital role in attracting the much-needed investments in the country, generating more jobs for Filipinos, and contributing in accelerating the nation's socio-economic progress.' For the first half of the year, President Ferdinand R. Marcos Jr. approved four (4) ecozones—two (2) expansions of a manufacturing zone in Batangas, and two (2) new IT Parks in Tagbilaran City and Bacolod City. Aboitiz-led Lima Technology Center Expansions President Ferdinand R. Marcos Jr. approved the expansion of Lima Technology Center in Batangas and the creation of a new IT Park in Bacolod City. On 21 May 2025, Proclamation No. 910 was issued by the Office of the President, designating 23.49 hectares of land located in Barangays Bagong Pook and Luta Sur, Malvar, Batangas to be included in the existing Lima Technology Center (LTC). More than PhP 980 million will be invested in the development of the area, which is expected to be completed by June 2027. Additionally, another expansion area for LTC was also approved by the Office of the President in March under Proclamation No. 846, adding 19.23 hectares to the ecozone. These expansions are expected to further amplify Aboitiz InfraCapital's contributions and better enable PEZA to execute its commitment to sustainable economic progress and national development. Megaworld's The Upper East IT Park Meanwhile, President Marcos Jr. signed Proclamation No. 919 last 02 June 2025 which creates and tagbilarandesignates 33.96 hectares of land in Barangay 41, Bacolod City as an IT Park to be called The Upper East. The IT Park, to be operated by Megaworld, is projected to attract over PhP 1 billion in investments for the construction of two IT buildings. Five (5) IT-BPO companies are expected to operate in the park, creating over 2,500 local jobs. The development of this IT park solidifies the position of Bacolod City as an emerging IT-BPM hub in the country and will further create opportunities for innovation and development. Tagbilaran Uptown IT Hub 2 Apart from these new ecozones, PEZA also formalized the proclamation of Tagbilaran Uptown IT Hub 2 as an IT Park in Bohol with the signing of its registration agreement on May 08. The President signed Proclamation No. 821 designating three parcels of land in Brgy. Dampas, Tagbilaran City with an area of about 11,237 sqm as an IT Park. Building on the success of the 1.4-hectare Tagbilaran Uptown IT Hub 1, the zone significantly boosted local economic activity and employment. With a projected investment of over PhP 200 million, the expansion aims to generate additional jobs and attract more IT-BPM locators. A prospective locator has already expressed interest in investing upwards of PhP 70 million and hiring over 500 Filipinos. PEZA Director General Tereso O. Panga and TURC President Albert M. Uy following the signing of the Registration Agreement for the Tagbilaran Uptown IT Hub 2 According to the latest report from the Philippine Statistics Authority (PSA), the majority of the top 10 local government units (LGUs) outside of Metro Manila—ranked by GDP contribution and foreign investment inflows—are home to economic zones (ecozones), highlighting their role as key drivers of regional economic growth. PEZA continues to engage with local governments and developers in advancing ecozone development in the country. With PEZA's pivotal role in facilitating the establishment of these zones, this further solidify the Philippines' position as a premier investment destination in the region. 'At PEZA, under my watch, we continue to engage with our partner developers like Aboitiz and Megaworld in creating more ecozones that attract investments and drive growth, prosperity, and innovation nationwide. Together, we strengthen our shared commitment to eco-zoning the Philippines toward inclusive and sustainable development— para sa Bagong Pilipinas! ' said DG Panga. Under the Marcos Jr. Administration, a total of 32 ecozones have been proclaimed, bringing in PhP 13.406 billion in committed investments. PEZA is also working to establish the Palawan Mega Ecozone—the first of its kind in the country—and the Pantao Ecozone, eyed as the fifth public ecozone, both targeted for proclamation within the current administration.
