KuCoin to enforce 7.5% VAT on Nigerian trades amid regulatory changes
Summary
KuCoin will start collecting a 7.5% value-added tax on trading fees from its Nigerian users on July 8, 2024. The tax will be applied to transaction fees, not the transaction amount, and covers all transaction types. This move is attributed to an important regulatory update. Nigeria has high crypto adoption rates but the government has shown hostility towards the industry, blaming manipulative activities on crypto exchanges for foreign exchange issues and taking legal actions against global trading platforms.
