- Efficient Monday, July 8, Kucoin will cost a 7.5% tax on all transactions made by customers registered in Nigeria.
- This resolution comes from a regulatory replace from the Nigerian SEC.
The Kucoin trade introduced on Twitter (X) that beginning Monday, July 8, Nigerian customers will probably be charged a 7.5% worth added tax on all transactions. The transfer, prompted by regulatory motion by Nigeria's SEC, comes a month after the regulator requested all crypto exchanges and companies to re-register or danger enforcement motion.
The payment could also be an indication that Nigeria's SEC is within the early levels of recognizing cryptocurrencies, three years after the nation's central financial institution ordered banks to cease buying and selling cryptocurrencies for themselves or for firms.
The Nigerian authorities tried to impose a ten% tax on crypto transactions by means of the 2023 Finance Invoice, however was unable to implement it largely because of regulatory opacity.
Whereas SEC Chairman Emomotimi Agama didn’t touch upon the brand new tax, the regulator admits that the brand new rule is a part of its plan to manage cryptocurrencies.
