Crypto tax varies - a lot - depending on where you're located. This said, in general, you'll pay two kinds of tax on your OKX investments - Income Tax or Capital Gains Tax:
No. OKX does not provide tax documents for users. Instead, you'll need to get your OKX transaction history and either calculate your OKX taxes yourself, or use crypto tax software to do it for you.
OKX offers two simple ways to get the tax documents you need - you can either use the OKX tax API to connect to Koinly or export a CSV of your OKX transaction history and upload that to Koinly.
Once connected, Koinly becomes the ultimate OKX tax tool. How? Koinly will calculate your OKX taxes based on your location and generate your crypto tax report, all within 20 minutes. All you’ll need to do at tax time is download the crypto tax report you need from Koinly and file it with your local tax authority.
Good to know
You'll need a V5 API key from OKX to connect with Koinly. The API has some limitations - including limiting trading history to the last 3 months and other transaction history is limited to the past month. So you may prefer to use the CSV file method to get your complete transaction history for Koinly.
You need a couple of CSV files from OKX to get your complete transaction history - the Trading Account History CSV file and the Funding Account History CSV file. Here's how to get both:
Good to know
As there are limits to the amount of transaction history you can export at one time from OKX, you may need multiple CSV files to cover your entire transaction history on OKX. Koinly needs your complete transaction history, for however long you've been using OKX, in order to calculate your crypto taxes correctly.
OKX requires KYC in order to access all the trading features available. As a large, centralized exchange, it is possible OKX may face pressure from tax offices around the world to share this customer data in order to ensure tax compliance.
If you're having trouble connecting OKX and Koinly, these resources will help:
Yes - OKX has provided Proof of Reserves via a Merkle Tree to their users. OKX lets users verify that their deposits are held 1:1 by publicly outlining a list of their on-chain wallets, as well as regular publishing of audits of their crypto balances. For more information about what Proof of Reserves are and why it matters - check out our blog post.