KuCoin’s 7.5% VAT on Transaction Fees Raises Concerns Among Nigerian Crypto Users

KuCoin cryptocurrency exchange announced a 7.5% VAT charge on transaction fees for Nigerian users
The VAT will only apply to the transaction fee, not the total transaction amount
The new policy aims to comply with local tax regulations while maintaining regulatory standards
Nigerian users are encouraged to adjust their trading strategies to accommodate the new VAT charges
KuCoin is currently banned by the Nigerian government, leaving stakeholders perplexed

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.