- Beginning Monday, July 8, KuCoin will levy a 7.5% tax on all transactions made by registered customers in Nigeria.
- This resolution comes from a regulatory replace from the Nigerian SEC.
The KuCoin trade introduced on Twitter (X) that Nigerian customers shall be charged a 7.5% value-added tax on all transactions beginning Monday, July 8. The transfer, prompted by regulatory actions from the Nigerian SEC, comes a month after the regulator requested all crypto exchanges and companies to re-register or danger enforcement motion.
The cost could possibly be an indication that the Nigerian SEC is within the early phases of recognising cryptocurrencies, after the nation’s Central Financial institution ordered banks to cease transacting with cryptos for themselves or company entities three years in the past.
The Nigerian authorities has tried to impose a ten% charge on crypto transactions by the 2023 Finance Act however has been unable to implement it because of regulatory ambiguity.
Though SEC chairman Emomotimi Agama has not commented on the brand new tax, the regulator has admitted that this new rule is a part of its plan to manage crypto.
