Nigerian Kucoin customers to pay 7.5% VAT on all transactions

• Beginning Monday, July eighth, Kucoin will cost a 7.5% tax on all transactions made by customers registered in Nigeria.
• This determination comes from a regulatory replace from the Nigerian SEC.

Kucoin trade took to Twitter (X) to announce that beginning Monday, July eighth, Nigerian customers can be charged a 7.5% value-added tax on all transactions. This transfer, spurred by the Nigerian SEC’s regulatory actions, comes a month after the regulator requested all crypto exchanges and companies to re-register or threat enforcement motion.

This levy could also be an indication that the Nigerian SEC is on the early levels of recognising cryptocurrencies, three years after the nation’s Central Financial institution ordered banks to cease transacting with cryptos both for themselves or company entities.

The Nigerian authorities has tried to impose a ten% levy on crypto transactions by the 2023 Finance Act however was unable to implement it due largely to regulatory opacity.

Whereas the SEC Chairman Emomotimi Agama has not commented on the brand new tax, the regulator admits that this new rule is a part of its plan to control crypto.