- 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.
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