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South Korea's People Power Party has decided to make repealing the planned income tax on virtual assets its official party platform, The Korea Economic Daily reported. The tax is scheduled to take effect next year. Lawmakers from the party cited several issues with the tax, including fairness, logical inconsistencies, potential double taxation, and the need to foster the digital asset industry. People Power Party lawmaker Park Soo-young said the party has not yet heard the ruling Democratic Party's position on the repeal and hopes it will clarify its stance before tax subcommittee discussions. Kim Eun-hye, the party's senior deputy floor leader, added that a second phase of legislation is just as important as the tax issue. She noted that while her party is ready to negotiate, discussions have not progressed due to the lack of a unified proposal, and called for a more proactive attitude from the government and the Democratic Party.

Men in their 30s are the largest demographic among cryptocurrency users in South Korea, and 74.2% of all accounts hold less than one million won. This is according to a survey for the second half of 2025 covering 27 virtual asset service providers, released today by South Korea's Financial Intelligence Unit and Financial Supervisory Service. The findings show that out of 11.13 million total user accounts, 8.26 million held less than one million won (approx. $725). Accounts with 10 million won (approx. $7,250) or more constituted just 10% of the total, at 1.12 million. Those holding over 100 million won (approx. $72,500) accounted for 1.5%, or 170,000 accounts. A detailed breakdown of individual users revealed that men in their 30s were the most numerous group, with 2 million accounts. By age, the distribution was as follows: 30s (27%), 40s (27%), 50s (19%), 20s and under (19%), and 60s and over (9%).

Binance Wallet will conduct the token generation event (TGE) for PRL at 10:00 a.m. UTC today, the company announced on its official X account. Campaign participants holding a certain amount of Binance Alpha Points can purchase the tokens through a pre-TGE subscription between 8:00 a.m. and 10:00 a.m. UTC. A total of 10 million PRL has been allocated for the event, with further details to be announced. Additionally, Coinbase has previously announced it will list PRL.

South Korea's domestic virtual asset market contracted in the second half of 2025 compared to the first half, News1 reported. According to a survey on the virtual asset industry for the second half of 2025, released by South Korea’s Financial Services Commission on March 25, total domestic virtual asset trading volume reached 1,001 trillion won, a 14% decrease from 1,160 trillion won in the first half. The daily average trading value fell 15% from 6.4 trillion won in the first half to 5.4 trillion won in the second half. Operating profits for exchanges totaled 380.7 billion won, down 38% from 617.8 billion won in the first half. This figure includes a 395.8 billion won profit from won-market exchanges and a 15.1 billion won loss from coin-market-only exchanges.

South Korea’s Fair Trade Commission (FTC) has issued a cease and desist order to Dunamu for misleading advertising regarding its trading fees, Aju Business Daily reported. Dunamu advertised a significant discount on its trading fees, claiming they were being reduced from 0.139% to 0.05%. However, the FTC found that the company had never actually applied the 0.139% rate for general orders since its exchange launched. The 0.05% rate, which was promoted as a temporary discount, has been the standard fee since the exchange's inception. The commission opted only for a cease and desist order, citing the fact that there were only five notices related to the false discount and that they received a low number of views relative to the website's total traffic.

Cryptocurrency exchange Backpack (BP), which recently conducted its token generation event (TGE), stated on its official X account that no insiders were involved in a related bet on Polymarket. The exchange explained that a trader on Polymarket had placed a large bet that Backpack's fully diluted valuation (FDV) would surpass $200 million within a day of its TGE. As the betting deadline approached while BP's FDV remained around $190 million, some traders appeared to have purchased large amounts of the BP token to push its valuation over the $200 million threshold and win the bet. Backpack added that it launched an investigation but determined the traders involved were not company insiders, emphasizing that the exchange does not tolerate insider trading.

The following shows estimated liquidation volumes and position ratios for major crypto perpetual futures over the past 24 hours: - BTC: $87.99 million liquidated (52.64% longs) - ETH: $46.29 million liquidated (53.42% shorts) - ONT: $6.03 million liquidated (80.33% shorts)

U.S. spot Ethereum ETFs recorded approximately $40.99 million in net outflows on March 24, according to data compiled by Trader T. This marks the fifth consecutive day of net outflows. - BlackRock's ETHA: -$25.17 million - Fidelity's FETH: -$5.81 million - Bitwise's ETHW: -$1.52 million - 21Shares' TETH: +$1.06 million - BlackRock's staking ETHB: +$2.20 million - Grayscale's ETHE: -$1.72 million - Grayscale's mini ETH: -$10.02 million

U.S. spot Bitcoin ETFs recorded a net outflow of $66.71 million on March 24, according to Trader T. The reversal comes just one day after the funds turned to net inflows. - BlackRock IBIT: -$4.76 million - Fidelity FBTC: -$45.35 million - Bitwise BITB: -$16.60 million

South Korea's People Power Party plans to hold a public hearing on repealing the country's virtual asset tax, Digital Asset reported.

ITcen Global, the operator of the Korea Gold Exchange, joined a won-backed stablecoin distribution consortium led by Hana Financial Group in January, according to an exclusive report from SBS Biz. The move is widely seen as a step toward collaboration on a gold-linked stablecoin. The consortium already includes affiliates of SK, Lotte, Hanwha, Hyundai Card, Modetour, and Eugene Group, with SK Telecom, Lotte Mart, and Lotte Chilsung Beverage also considered likely participants.

Song Eon-seok, floor leader of the People Power Party, has criticized the South Korean government's plan to tax income from virtual assets starting in January 2027, arguing the policy is unfair and inconsistent with U.S. policy, Edaily reported. During a meeting with the heads of the country's five largest crypto exchanges, Song said there is a widespread view that it is inequitable to proceed with the crypto tax while the financial investment income tax is being abolished. He also noted that since South Korea already imposes a value-added tax (VAT) by treating virtual assets as commodities, adding an income tax could create issues of double taxation.

Tether, the issuer of the world's largest stablecoin USDT, has paused a $20 billion fundraising plan to undergo its first-ever financial audit, Bloomberg reported. According to the report, potential investors and financial institutions have consistently demanded greater financial transparency from Tether during the fundraising process, though some investors are reportedly still willing to invest even before the audit is complete. Tether recently announced it had selected one of the 'Big Four' accounting firms to conduct an independent audit of its financial statements but did not disclose the firm's name or a specific timeline. The decision to resume the funding round, which was initiated late last year with a target of raising $15 billion to $20 billion, is expected to depend on the audit's results. The fundraising was originally slated to conclude by the end of 2025 but has faced multiple delays.

Crypto market maker Jump Trading has responded to a fraud lawsuit from Terraform Labs, calling it a "desperate attempt" to offload its own fines, DL News reported. Todd Snyder, who is managing the Terraform Labs bankruptcy proceedings, filed a $4 billion lawsuit last December against Jump Trading, its subsidiary, and its executives. The suit alleges they deceived investors and profited illicitly during the Terra collapse. In response, Jump Trading argued the lawsuit is an attempt by Terraform Labs to evade responsibility for a $4.4 billion fine levied by the U.S. SEC in 2024. The firm also claimed the suit lacks specific details on violations or their locations and that the statute of limitations has expired, requesting the court to dismiss the case. Snyder has also drawn market attention for filing a separate lawsuit against market maker Jane Street.

A wallet containing 500 BTC linked to Irish drug dealer Dubliner Clifton Collins has been activated after about 10 years of dormancy, with the funds transferred to another address, Bitcoin News reported on its official X account. Collins accumulated 6,000 BTC across 12 addresses from profits earned by growing and selling marijuana between 2011 and 2012. The funds were believed to have been confiscated by a court following his arrest in 2017. Bitcoin News added that the movement of the 500 BTC suggests that not all of Collins' original holdings may have been lost.

Crypto market maker Flowdesk deposited 63,250 ETH, worth $135 million, to Binance over the past 24 hours, according to ai_9684xtpa. The average price at the time of the deposits was $2,145. Transfers to exchanges are typically interpreted as a precursor to selling.

Seven new addresses withdrew a total of 74,959 ETH ($161.13 million) from Binance over the past 16 hours, Onchain Lens reported. Withdrawals from exchanges are typically interpreted as a sign of intent to hold.

CoinMarketCap's Altcoin Season Index has reached 51, an increase of six points from the previous day. The index is calculated by comparing the price performance of the top 100 cryptocurrencies, excluding stablecoins and wrapped tokens, against Bitcoin. An altcoin season is defined as a period where 75% of these top 100 coins have outperformed Bitcoin over the last 90 days. The opposite scenario is considered a Bitcoin season. A score closer to 100 is seen as indicative of an altcoin season.

Ark Invest, led by Cathie Wood, announced on March 24 the purchase of $20.45 million in Circle (CRCL) stock.

A supply chain attack has hit LiteLLM, an open-source library for large language models (LLMs), according to a report on X from SlowMist Chief Information Security Officer (CISO) 23pds. He warned that the breach poses a serious threat, as leaked data—including major cloud credentials, configuration files, and authentication information—could allow attackers to access cryptocurrency wallet data and passwords. 23pds urged all projects using LiteLLM to immediately verify their package integrity.

According to CoinNess market monitoring, BTC has risen above $71,000. BTC is trading at $71,002.24 on the Binance USDT market.

Onchain Lens reported that two new addresses, believed to belong to Bitmine (BMNR), withdrew 67,111 ETH ($144.73 million) from Kraken. Withdrawals from exchanges are typically interpreted as a move to hold assets. Bitmine currently holds approximately 4.6 million ETH.

Last month, 50.6% of addresses that traded on Pump.fun (PUMP) incurred losses, while 96% of profitable addresses earned less than $500, Protos reported, citing data from Dune Analytics. Two addresses made profits of over $1 million, while two others suffered losses between $500,000 and $1 million. In contrast, the top 250 token issuers collectively earned $79 million. Pump.fun recently introduced an AI-based automated trading system, but the price of PUMP has been falling as a previously announced airdrop has not materialized.

LY Corp is set to become the largest shareholder of Kakao Games (293490) through an investment of approximately 300 billion won ($216 million), the Seoul Economic Daily reported. The current top shareholder, Kakao, will become the second-largest shareholder. Kakao Games announced on March 25 that it is pursuing a strategic investment and a restructuring of its shareholding to accelerate its global market expansion and strengthen future growth engines.

The Crypto Fear & Greed Index, compiled by data provider Alternative, has risen three points from yesterday to 14, though market sentiment remains in a state of extreme fear. The index measures market sentiment on a scale of 0 to 100, where 0 signifies extreme fear and 100 indicates extreme optimism. It is calculated based on several factors: volatility (25%), trading volume (25%), social media mentions (15%), surveys (15%), Bitcoin's market cap dominance (10%), and Google search volume (10%).