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

Hong Kong's Secretary for Financial Services and the Treasury, Paul Chan, stated that the number of digital yuan wallets is growing steadily, with approximately 80,000 accumulated wallets. The People's Bank of China and Hong Kong Monetary Authority are exploring wallet upgrades to enhance usage limits and user experience. Meanwhile, stablecoins and central bank digital currencies have multiple payment application potential under compliance frameworks.

Gate News reported that on March 22, the Governor of the People's Bank of China, Pan Gongsheng, stated at the 2026 Annual Meeting of the China Development Forum that the bank will continue to implement a moderately loose monetary policy, comprehensively utilizing multiple monetary policy tools such as the deposit reserve requirement ratio, policy interest rates, and open market operations to maintain ample liquidity. (China News Service)

March 20th, Gate News reported that over the past 24 hours, the entire network's liquidations reached $311 million, with long liquidations at $200 million and short liquidations at $111 million. Both long and short positions in Bitcoin and Ethereum experienced liquidations to varying degrees, with a total of 103,431 people globally being liquidated. The largest single liquidation occurred in the XYZ:GOLD-USD trading pair, valued at $3.675 million.

Gate News report: On March 19th, a certain cryptocurrency exchange has laid off approximately 30% of its workforce since the beginning of the year, bringing total employee count down to around 445 people. The exchange has simultaneously introduced AI tools to enhance operational efficiency. Financial reports show that the exchange posted losses of approximately $585 million for the full year 2025, with Q4 revenue of around $60 million, though losses further expanded. Previously, the exchange had announced a 25% workforce reduction and exited the UK, EU, and Australian markets, while also making adjustments to several key executives.