CoinDesk reported that after the announcement of a new tax policy by the globally renowned cryptocurrency exchange KuCoin, uncertainty looms over Nigeria’s cryptocurrency community. Starting July 8th, cryptocurrency exchanges will levy a 7.5% value-added tax (VAT) on transaction fees for users with registered Know Your Customer (KYC) information in Nigeria.
In a post on X, KuCoin notified its Nigerian users that the new tax applies only to transaction fees per trade, not to the overall transaction amount. For instance, purchasing Bitcoin worth $1,000 incurs a fee; however, this fee only increases by 1 USDT (0.1%).
