Kucoin to Implement 7.5% VAT on Transaction Fees for Nigerian Users

Quick Summary:

Nigeria-based KuCoin users will begin being levied a 7.5% value-added tax (VAT) on transaction fees starting on July 8.

Some observers believe that Kucoin’s decision to implement this tax is intended to enhance its chances of securing an operating license.

A Lagos-based crypto industry player stated that implementing the tax will likely harm the industry.

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Article Details

Author / Journalist: Terence Zimwara

Category: Crypto

Markets: JapanNigerNigeria

Topics: KuCoin Crypto Nigeria Value added tax Crypto exchanges Africa Tax evasion Binance KYC

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-07-05 @ 11:22:34 (3 days ago)

News Timezone: GMT +8:00

News Source URL: news.bitcoin.com

Language: English

Article Length: 4 words

Reading Time: 1 minutes read

Sentences: 1 lines

Sentence Length: 4 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © Bitcoin News

News ID: 21492895

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About Bitcoin News

Main Topics: Crypto

Official Website: news.bitcoin.com

Update Frequency: 12 posts per day

Year Established: 2008

Headquarters: Japan

News Last Updated: 10 hours ago

Coverage Areas: Japan

Ownership: Independent Company

Publication Timezone: GMT +8:00

Content Availability: Worldwide

News Language: English

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Website Security: Secure (HTTPS)

Publisher ID: #62

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