Russian Government to Issue Crypto Tax Law

According to Deputy Minister of Finances of the Russian Federation, at the moment, the law is in the process of discussion
25 January 2018   922

The draft law on the regulation of the crypto-currency market, published today, does not mention taxation. As explained in the Ministry of Finance, this issue will be considered in a separate "satellite law". This is reported by TASS.

Now, this issue is not defined in the legislation. And objectively, this is a big problem that will be worked through, of course. There will be at least some legislative framework to define in the Tax Code. Now there is a coordination of the law, but it is not yet fully discussed.

Ilya Trunin

Deputy Minister of Finances of the Russian Federation

In addition, Deputy Minister Alexei Moiseev said that in the near future the Ministry of Finance will publish a bill on monetary surrogates, including the definition of which fall
cryptocurrencies. For the use of money surrogates as a monetary means will be provided for severe sanctions.

OKEx to Launch OKChain Based Decetralized Exchange

Great role in the upcoming exchange will be played by OKB coin, which will be trasfered to OKChain as soon as its development finished
22 March 2019   122

OKEx cryptocurrency exchange will launch a decentralized trading platform on its own blockchain.

Currently, the OKChain blockchain is in the final stages of development, and its test network may be launched as early as June 2019. When the OKEx blockchain becomes stable enough, it will transfer OKB to it, which will then perform the function of the native OKChain token and be used to pay commissions, as well as in its own decentralized network applications.

The primary purpose of OKChain is to launch the OKDEx decentralized exchange, where the OKB token will be used to participate in presales. In addition, project teams will use OKB tokens to pay the service fee to the super nodes of the network.

While the total volume of OKB emissions is 1 billion, 300 million tokens are in circulation today, and 700 million remain blocked. Of this number, 300 million OKB will be distributed to users through the loyalty program, and 400 million belong to the OK Blockchain Foundation and the exchange team. However, for a more efficient formation of the OKB ecosystem, the blocking period of these 700 million tokens will be extended from 2020 to 2022, writes OKEx.

In addition, OKB will be the only token to be accepted during the initial exchange offerings (IEO) on the OK Jumpstart platform, announced earlier this month. According to the company, it is currently negotiating with various projects and will soon announce the launch of the first IEO on OK Jumpstart, for which investors will be admitted who have passed personal verification and have OKB tokens in their accounts.