KuCoin Implements 7.5% VAT on Crypto Transactions in Nigeria: Regulatory Update Impacts Users

• KuCoin will start charging a 7.5% value-added tax on trading fees from Nigerian users starting July 8, 2024
• The tax will apply to transaction fees, not the transaction amount
• The fee covers all transaction types that Nigerian users can perform on the platform
• The decision is in response to an important regulatory update
• Other crypto trading platforms in Nigeria have not announced similar tax measures
• The Nigerian Securities and Exchange Commission recently issued a notice for local crypto firms to register under amended rules

Source: bitcoinke.io

Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.

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