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Home » Nigerian Crypto Community Worried by KuCoins Implementation of VAT
Nigerian Crypto Community Worried by KuCoins Implementation of VAT
Nigerian Crypto Community Worried by KuCoins Implementation of VAT

Nigerian Crypto Community Worried by KuCoins Implementation of VAT

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By admin on 2024-07-03 Blockchain, Regulations Security

KuCoin, a prominent global cryptocurrency exchange, has announced that starting July 8, it will implement a value-added tax (VAT) of 7.5% on transaction fees for users whose KYC (Know Your Customer) information is registered in Nigeria. This new policy, announced on X, indicates that Nigerian users will experience a slight increase in the fees associated with their trades on KuCoin. It is important to note that the 7.5% VAT applies solely to the transaction fee, not the total transaction amount, and will encompass all transaction types on the KuCoin platform.

Concerns Over VAT Policy
Despite this, KuCoin is among the crypto websites currently banned by the Nigerian government. Speaking with some Nigerian crypto stakeholders about the announced VAT levy, they believe the development is confusing, especially since the regulatory authorities have yet to comment.

Lucky Uwakwe, President of the Blockchain Industry Coordinating Committee of Nigeria (BICCoN), expressed several concerns about potential fraud and transparency issues with the new levy. Uwakwe questioned how the Nigerian government would verify the number of users, ensure accurate reporting of trade activities, and confirm that the collected VAT is properly remitted. Additionally, there are concerns about how KuCoin will pay the VAT, given the Central Bank of Nigeria (CBN)’s restrictions on converting crypto to fiat. Clarification is needed on whether the VAT applies to all crypto transactions or just peer-to-peer trades involving naira.

Optimism for Future Crypto Regulations
In an interview with local crypto analyst Rume Ophi, he expressed that the VAT levy is a positive development. He speculated that it signals the government’s recognition of digital assets as a financial instrument. Ophi stated he wouldn’t be surprised if crypto regulations were soon implemented and licenses were granted to industry players. He emphasized that the government missed an opportunity by continuing the 2021 CBN ban. According to Ophi, Nigeria lacks exchanges that can compete with global founders because, rather than fostering the young industry, their actions caused players to migrate offshore.

Cointelegraph has reached out to KuCoin for more information about the levy but has not yet received feedback at the time of publication.

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