You are the only one that has answered the question that I had in my which is - Now that they have introduced VAT on every transaction, does it now mean that the bank on crypto trading with banks have been lifted? If not it is just stupid and I agree that we should all boycott KuCoin.
My question, if you or anyone can answer it is, as someone who switched to ByBit when these exchanges decided to delist the Naira pair from their platform, how will this affect ByBit. Are they going to now start charging the VAT on every crypto transaction or will they continue the way they have been? And if they don't do you think the government will come for them?
Thank you.
If Bybit decided to adopt the VAT tax for Nigerians, I don't think any Nigerian would object as long as the Naira p2p trading marketplace remains open for business. I use Bybit, and I don't mind if they start charging us for VAT fees.
They stood by us when other exchanges abandoned us, and the VAT tax percentage isn't too high because it's charged based on transaction fees rather than transaction amounts. So, if you withdraw USDT for a $1 fee, you'll be charged based on that fees, so you'll end up spending less than $2 on each transaction.