Sacks Rejects 0.01% Transaction Tax on Crypto!

In a recent episode of the All-In Podcast, host Jason Calacanis suggested a 0.01% tax on every crypto transaction. The tax would apply whether a user is buying, selling, or transferring cryptocurrency. Sacks responded:

“That’s always how taxes start. They are described as being very modest. You know, when the income tax started, it only applied to like a thousand Americans, and the legislators swore up and down that it would never be applied to middle-class people.”

He continued:

“I don’t particularly like the idea of new taxes, even if it is promised that they won’t affect people very much. That sounds burdensome to me.”

You Might Be Interested In: Elon Musk Talks About the Name of a New Memecoin!

Many crypto investors criticized the idea, warning it would create unnecessary costs even for transfers between wallets owned by the same person.

The recent White House Crypto Summit did not present any official tax policies. However, the Trump administration has signaled support for major tax reform in the United States.

Trump Proposes Eliminating Income Tax and IRS!

President Donald Trump has proposed eliminating the federal income tax and replacing it with tariffs on imported goods. Commerce Secretary Howard Lutnick added that the IRS would be replaced by an “External Revenue Service.”

According to Dancing Numbers, the plan could save each American taxpayer at least $134,809, and possibly up to $325,561 if state income taxes are repealed as well.

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South Korea FIU Unveils New Strategies in Fight Against Money Laundering

On March 5, South Korea’s Financial Intelligence Unit (FIU) revealed several strategies to prevent money laundering, according to local media Wow TV. The FIU plans to establish a joint response team, in collaboration with the Financial Supervisory Service and financial institutions, to tackle money laundering crimes that threaten public livelihoods.

This team will focus on monitoring and analyzing suspicious transaction patterns related to voice phishing, multi-level fraud, gambling, and drug-related financial crimes. The joint response team will operate bi-monthly under the FIU and will provide reports on recent money laundering-related activities.

Additionally, authorities will issue warnings to specific industry players based on vulnerability to money laundering crimes, with selections made based on media reports and industry requests.

FIU to Investigate Money Laundering Methods

According to the report, the FIU vows to actively review new money laundering methods, including the misuse of crypto trading accounts and remittance services for money laundering purposes.

These measures aim to cover new methods used in money laundering, specifically focusing on the flow of funds through digital asset transactions in the crypto space.

Moreover, the Financial Supervisory Service (FSS) announced it would expand its monitoring of financial firms recently investigated for suspicious money laundering activities. It will also focus on companies previously flagged for weak AML management during past assessments.

South Korea Forms Joint Investigation Unit to Combat Crypto Crimes

According to the Korea Customs Service, 77 companies, including high-risk currency exchanges and online and automated money exchanges, were audited last year. The investigation revealed that 45 companies violated regulations, including failing to report suspicious large transactions.

The FSS also announced plans to assess the cooperation between consumer protection departments and AML units within South Korean firms to enhance their ability to detect and prevent financial crimes.

On February 28, the South Korean government upgraded a temporary task force into a formal joint investigation unit specifically addressing crypto-related crimes and fraud cases, formed in response to the rising number of crypto crimes in recent years.

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