Last updated on March 3, 2021
OKCoin reminds all customers of your responsibility to pay applicable taxes on digital asset trading. Please note that OKCoin does not provide tax advice. We put this guidance together for informational purposes only, and it shouldn’t be considered as tax advice or an individualized recommendation. Please consult your own tax advisor regarding your personal tax circumstances. OKCoin is not responsible for any customers’ tax obligations.
Do I have to pay crypto taxes?
Countries differ on how digital assets transactions and holdings are taxed and how they view digital assets in general (e.g. as money, as property, as a commodity, etc). Please consult a local accountant, tax lawyer, and/or government official for your tax reporting obligations at your home jurisdiction.
If you are a U.S customer, you are required to report gains and losses on each transaction or when you earn digital assets, even if the gain or loss is not material. The US Internal Revenue Service (IRS) holds you responsible for reporting all income and transactions whether you receive a tax form from a digital assets exchange or not. IRS has released guidelines for how to report and pay taxes relating to digital assets. You can read the guidelines from the official www.irs.gov website, including https://www.irs.gov/pub/irs-drop/n-14-21.pdf.
Does OKCoin provide Form 1099-Bs?
As of the 2020 tax year, OKCoin will issue Form 1099-Bs for eligible US customers. You may receive Form 1099-Bs if:
- You are a US person for tax purposes, AND
- You have earned in rewards or fees from OKCoin in 2020.
At this time, OKCoin does not provide tax forms for non-US customers. Please utilize your transaction history to fulfill any local tax filing obligations.
Where can I download my transaction history?
You can download your transaction history in the https://www.okcoin.com/balance/report-center/ for your OKCoin.com transactions. Customer transaction history provides information used to determine any gain/loss on your digital asset activity on OKCoin. Such information includes:
- Time and Date
- Trading Type