Nigeria Implements 7.5% VAT on $57bn Crypto Market Proceeds Starting July 8, 2024

• Nigeria implements 7.5% VAT on $56.7 billion crypto market
• KuCoin to start charging VAT on transaction fees from July 8, 2024
• Nigeria has one of the largest P2P crypto markets globally
• SEC director-general highlights significant crypto trading in Nigeria
• KuCoin’s move could be part of efforts to obtain licensing in Nigeria
• Nigeria previously planned to tax crypto through Finance Act of 2022 but never enforced it
• Nigeria clamped down on crypto transactions earlier in 2024, blaming platforms like Binance

Source: businessday.ng

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.

---

---