OKB Coin (OKB) is an ERC-20 utility token issued by OKX Blockchain Foundation on the Ethereum blockchain. It gives holders exclusive benefits when trading on the OKX exchange like, trading fee discounts, early access to new token listings, and more. But if you’re trading or staking OKB Coin, you may need to pay tax. Don't worry, Koinly can help you calculate taxes for 400,000+ ERC-20 tokens, including OKB. Here's how.
The tax you’ll pay on your OKB Coin transactions all depends on where you live and the transactions you’ve made, so make sure you check out the rules in your country in our crypto tax guides,. Generally speaking, two taxes may apply to your OKB transactions:
OKX does not operate in the US, so it’s unlikely OKX themselves will be reporting any OKB Coin transactions to the IRS.
Of course, you can use your OKB tokens on other exchanges and hold them in other wallets… and if that’s the case - the IRS may well take an interest in what’s in your wallet. There are a few methods the IRS uses to do this including collecting information from exchanges via John Doe Summons, as well as through 1099 forms. If your exchange has been issued a John Doe Summons by the IRS or issued you with a 1099 form - the IRS may already know about your crypto.
As well as this, the IRS has dedicated agents focused on tracking cryptocurrency transactions in order to ensure tax compliance. While crypto is often thought of as anonymous, the reality is more like pseudonymous. Most blockchains -including the Ethereum blockchain OKB tokens are issued on - are public ledgers. All you need is an address and anyone can search through the transactions made relating to that address - including the IRS. All the IRS then needs to do is link you to a given address.
You can learn more about how the IRS tracks crypto, here.
Your crypto tax reporting requirements will depend on where you live, but most often, you report your gains, losses, or income as part of your annual tax return.
You’ll need to start by identifying all your taxable transactions with OKB Coin - including anytime you sold, swapped, or spent OKB tokens, and anytime you earned OKB tokens through staking. From here, you’ll need to calculate any gains or losses from each time you sold, swapped, or spent OKB tokens, as well as the fair market value of any income from in your fiat currency on the day you received your OKB tokens.
Not only do you need to do this for your OKB tokens - but for every crypto asset you own! This is why most investors opt to use a crypto tax calculator like Koinly to save hours. Koinly can calculate your gains, losses, and income for more than 450,000 ERC-20 tokens - including OKB.
All you need to do is connect to Koinly and it’ll do the rest. Here’s how.
To import your OKB transactions to Koinly, you’ll need to connect any blockchain, exchange, or wallet with Koinly where you have OKB transactions.
There are a couple of options here and it will all depend on where you’ve traded OKB tokens. For example, if you’ve only traded OKB tokens on OKX, you’d be able to sync your OKX account with Koinly and all your OKB transactions will be imported. Find out how to connect OKX with Koinly.
But, if you’ve traded OKB tokens on other exchanges, you’ll need to connect these exchanges too. Or if you’ve held OKB tokens in a non-custodial Ethereum wallet, you’ll need to connect to Koinly using your public address.
You can find steps on how to connect a variety of popular wallets and exchanges to Koinly on our integration pages, but here’s an example of how it generally works.
1. Remember, you’ll need to do this for every wallet and blockchain you use to interact with OKB (and any other tokens!) in order to calculate your crypto taxes correctly.
2. It’s really helpful to name your wallets when you’re adding them to Koinly. This can help you easily navigate your transactions in Koinly later on.
3. You may also be able to upload your transaction history to Koinly as a CSV file instead of connecting using your public address if you prefer, but this depends on the wallet you’re using. You can search for your wallet on our integration pages to find out more about how to get a CSV file from your Ethereum wallet.
If you have any issues setting up Koinly or importing data, there’s plenty of help at hand:
Sign up free to calculate your OKB Coin taxes
OKB Coin is an ERC-20 utility token issued on the Ethereum blockchain by the OKX Blockchain Foundation. The token gives holders exclusive access to a range of benefits on OKX crypto exchange.
Unsurprisingly, you can buy OKB Coins directly from OKX exchange, but many other centralized and decentralized crypto exchanges also list OKB including Gate.io and Uniswap.
OKB holders receive exclusive benefits from OKX exchange, including up to 40% off trading fees, early access to new token listings, OKB staking with OKX Earn, and more.
It very much depends on your investment strategy and whether you use OKX exchange or not. OKX maintains the value of OKB tokens through a buy-back and burn program where 30% of spot market transaction fees are used to buy back OKB tokens, but this doesn’t guarantee a value in the future. You should always DYOR to ensure you understand the risks involved before investing.
OKB Coin is an ERC-20 token issued on the Ethereum blockchain.
OKB Coin launched in 2018 and has had no specific issues to date, excluding normal changes like price volatility. However, your crypto is only as safe as you are. Investors should always follow best practices to store their crypto safely.
You can stake OKB tokens using the OKX Earn Savings product to earn passive income from your investment.
Yes. You’ll need to report any capital gains, losses, or income relating to your OKB tokens and other crypto investments to the IRS as part of your annual tax return. If you don't you may face severe penalties.