European Union

OKX clarifies: Web3 wallet services are not under investigation by EU regulators

ChainCatcher news, OKX responded on social media regarding the scrutiny of its Web3 services by EU regulators, stating, "The Bloomberg article is misleading. Like all other major cryptocurrency exchanges, OKX offers self-custody wallet services/exchange functions, acting as an aggregator to create efficiency for users. When Bybit was hacked, we took two measures: froze the relevant funds entering the CEX; developed a new feature that can detect and block hacker addresses from using our DEX or wallet services.Bybit's statement spread misinformation among journalists. OKX clarifies to the community: OKX is not under investigation; this is merely a case of Bybit's lack of security knowledge; our Web3 wallet services are no different from those offered by other industry participants."Previously, Bloomberg reported that sources familiar with the matter said that European cryptocurrency regulators are reviewing the usage of a service provided by the cryptocurrency exchange OKX, which hackers used to launder $1.5 billion in stolen funds from the trading platform Bybit. These individuals requested anonymity as the review process is confidential. They stated that national regulators from the 27 EU member states discussed the issue at a meeting hosted by the European Securities and Markets Authority's Digital Finance Standing Committee on March 6. OKX is regulated under the EU's new Markets in Crypto-Assets Regulation.

Global Major Market Cryptocurrency Tax Policies: The UK has the highest tax rate at 24%, while the EU's tax rate can reach up to 53%

ChainCatcher news, according to The Block, major global markets are strengthening tax regulations on cryptocurrencies. According to the latest policy, the U.S. IRS classifies crypto assets as digital assets and adopts a taxation method similar to that of stocks and bonds. Specifically, simply buying and holding is not taxed, but actions that "realize gains," such as selling, exchanging between cryptocurrencies, and using cryptocurrencies for shopping, are subject to capital gains tax; mining income, staking rewards, and wages received in cryptocurrency are taxed as income.The UK's HM Revenue and Customs (HMRC) imposes a capital gains tax of up to 24% on cryptocurrency transactions, with a basic rate taxpayer applicable to a 10% rate and a tax-free allowance of the first £3,000. Additionally, mining income and salaries paid in cryptocurrency are subject to income tax, and employers must pay national insurance on salaries paid in cryptocurrency.The EU has not yet unified tax standards, and there are significant policy differences among member states. Germany exempts cryptocurrencies held for more than a year from tax, while selling within a year incurs a maximum income tax of 45%, plus a 5.5% solidarity surcharge. Spain imposes a unified tax rate of 19%-28% on crypto gains. Portugal's tax rate ranges from 14.5%-53%, with a standard capital gains tax rate of 28%.
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