The South Korean People Power Party has proposed canceling the 22% cryptocurrency capital gains tax scheduled to take effect in 2027, arguing that the current tax system is immature and could create unfairness, particularly affecting young investors. The party is concerned that strict taxation will lead to capital outflows, with $110 billion already having left the market, impacting market activity. The bill is still under review, and its passage remains uncertain. If passed, it could boost market confidence and attract more investors.

Figure CEO Brett Adcock announces the establishment of new AI lab Hark, aimed at developing the world's most advanced personal intelligence, integrating multimodal models with customized hardware. Hark has been operating in stealth for 8 months, with plans to release its first AI model in summer. The team comprises approximately 45 people, with plans to expand to 100, and has entered into a computing power collaboration with Nvidia. Adcock has previously founded multiple startups, while Figure continues to operate independently.

Venezuela faces a dollar shortage, with small and medium-sized enterprises excluded from foreign exchange auctions and forced to turn to unofficial markets and cryptocurrencies to maintain import purchases. Official dollar auction amounts have declined year-over-year, and business people interviewed indicated that large enterprises enjoy preferential treatment, while small and medium-sized enterprises generally cannot access funds, and limited international payments have made cryptocurrencies a new payment method.

South Korea's People Power Party held a closed-door meeting with major cryptocurrency exchange representatives on March 23 to discuss abolishing the virtual asset taxation system scheduled for implementation in 2027, and to hear proposals on stablecoin issuance and legislation. Floor leader Song Eon-suk has already proposed amendments to the Income Tax Act to address the double taxation issue.

According to CoinGlass data, on March 20th, the cryptocurrency market experienced total liquidations of $225 million in the past 24 hours, affecting 85,557 people. Long liquidations amounted to $129 million, while short liquidations reached $95.6199 million. BTC and ETH liquidations were $93.8143 million and $50.6143 million respectively. The largest single liquidation was $13.1514 million.

On March 20, 12 commercial banks are expected to connect to the People's Bank of China's Digital RMB system, comprising 7 national joint-stock banks and 5 local city commercial banks. If the expansion is successful, the number of Digital RMB operating institutions will increase to 22.

Poland's President signs new law incorporating EU DAC8 directive into domestic legislation, requiring cryptocurrency investors to declare their earnings. Those who fail to declare face tax rates as high as 75%. Currently, only about 1% of investors pay taxes as required by law, with an estimated 3 million people holding cryptocurrency in Poland.

Recently, multiple banks in the UK experienced system failures that allowed users to view other people's account information in a short time span, raising concerns about data security. The outage lasted approximately 20 minutes and affected multiple banks, with serious exposure of sensitive information. The banks have fixed the issue and launched investigations. This incident once again highlights the vulnerabilities of traditional banking systems and the need for caution regarding digital financial services.

xAI co-founders Zihang Dai and Guodong Zhang have departed, reducing the founding team to two members. Since January this year, multiple founders have left in succession, and Musk has undergone restructuring and layoffs at xAI.