Kucoin exchange to start paying Value-Added Tax to Nigeria government

[SmartCharpa]

I think it is because of the percentage they agreed to come back again. I also just received the email from my inbox but if you are making the transaction from Kucoin to another exchange and using TON network, I think think that percentage also applied for it and also it is not also apply for internal transactions but it is only when you are trading with it.
Either buying or selling. Well it is a good move and I think Binance and OKX will also do the same and come back again. This is good news but they gave to monitor their vendors so that they will not manipulate the price of dollar and instead.of keeping it in the normal price of $1 = #1479 and not to #1800 amd any vendor thT manipulate the price should be bad instantly. And I just checked the app they have not added the NGN sign back to the payment method.

Since the government has agreed to the 7%, I expect more than only p2p will return to the exchanges. However, I checked the app also and they have not added the NGN back to p2p, but I think we may expect more. I agree with you that the government should ban any vendor from manipulating price just for their financial gain. It seems Kucoin works very hard to make sure that their Nigerian users are happy. But I'm hoping this is not a setup. They should not join mouths with our country and provide information of those that make trading. Because our government fit do am.

But wait o, even if our government bans those who manipulate price, what should be the gain? We don't have the same Nigeria anymore, our government fought against the price of the dollar, and it fell to #1100. Nothing changed in society, the price of the dollar remained the same around #1400, but the price of food increased. I hope that this percentage of a thing is for the better.

[Hyphen(-)]

I think Kucoin made this move because those regulators have always been acting like they do not know what they are doing. I expected all well known exchanges to have been driven towards this path in a way Nigerian government can generate tax from cryptocurrencies. I really like to see this happening. But let us hope corruption will not prevail in a way that they will generate more taxes but the economy becoming poorer.

This news coining at this time is a good news for some reasons, and it’s another thing to think of.
If the federal government can demand for tsk from centralized exchanges like KuCoin, it means that the federal government have less say about cryptocurrencies ban since they allowed it to the extent that they are requesting for tax payment from the exchange. The good news is that, we can see p2p trade back so that we will easily access the p2pnsevive.

On the other hand, can’t this be another red flag on Centralized exchanges because we are not safe since they can have our privacy out to the federal government if the need comes?
I know they will not leak the information but it is risky to trust centralized exchanges.

Lastly, can this be a chance for people whose accounts has been flagged for crypto related transactions to get their account back?
If yes, then the Federal government of Nigeria will letter legalize Bitcoin in my opinion

[Moreno233]

Does this in anyway mean that they will be returning NGN to their p2p transactions? What exactly is the implication of this because many things are not still clear about this development. You cannot just wake up and start collecting tax on crypto when you are still cracking down on Nigerians using crypto and even sanctioning banks like Opay for allowing transaction in cryptocurrency. This to me is like confusion on the side of the Nigerian government and I'm surprised that Kucoin is accepting this from the Nigerian government even when they are not registered in Nigeria.

Another issue of concern is in the transparency. How will Nigerian government know if what Kucoin is declaring is actually the correct amount they would have collected from Nigerians? Is there any way for them to verify because Kucoin does not have office in Nigeria neither are they registered as a business here. Finally, if I deposit my money in Kucoin and transfer same to another exchange, will they charge me the 7.5% VAT?

[Fiatless]

I think Kucoin made this move because those regulators have always been acting like they do not know what they are doing. I expected all well known exchanges to have been driven towards this path in a way Nigerian government can generate tax from cryptocurrencies. I really like to see this happening. But let us hope corruption will not prevail in a way that they will generate more taxes but the economy becoming poorer.

The government for talk say na tax dem dey target wen them dey attack all the exchanges. Before dem say na exchanges dey make our money dey lose value but if you look the matta closely you go see now say dem just intimidate these exchanges so that dem go collect tax from dem. With this latest move, I believe say other exchanges wey Dem don blacklist go return because eh clear now say na tax Dem one collect.
This government just dey find all means to collect money from us. Very soon dem go introduce tax wey of you want enjoy with your wife for bed you go pay tax before you start. The worst part bi say the tax sef no dey even affect the life of the common man. Things still the rise and suffer full everywhere.

Does this in anyway mean that they will be returning NGN to their p2p transactions? What exactly is the implication of this because many things are not still clear about this development. You cannot just wake up and start collecting tax on crypto when you are still cracking down on Nigerians using crypto and even sanctioning banks like Opay for allowing transaction in cryptocurrency. This to me is like confusion on the side of the Nigerian government and I'm surprised that Kucoin is accepting this from the Nigerian government even when they are not registered in Nigeria.

Another issue of concern is in the transparency. How will Nigerian government know if what Kucoin is declaring is actually the correct amount they would have collected from Nigerians? Is there any way for them to verify because Kucoin does not have office in Nigeria neither are they registered as a business here. Finally, if I deposit my money in Kucoin and transfer same to another exchange, will they charge me the 7.5% VAT?

Nigeria market na very big one and the profit wey dem dey realize here dey very high. So dem go accept any terms wey the government give them after all no bi dem go pay the tax na customers go pay am. I think say Kucoin go ensure say dem dey very accountable to the government because if Nigerian government find out any wuruwuru, dem fit nak dem better sanction wey fit include fine or ban. The news still dey sketchy, maybe as days dey go we go get the main koko about the new tax policy.

[Barikui1]

About a month a go, I reported that Kucoin suspended P2P market in Nigeria due to the regulatory compliance and it seems there is negotiation to stay in Nigeria market. They made an announcement to start paying value added tax to the Nigerian government.

The value-added tax (7% tax) will be deducted from the trading fee Kucoin will be charging every trade you make on the exchange, perhaps this is going to make the government allow p2p platforms to strive once again since the tax is coming from the fee already paid to the exchange and not the traders. I hope this ease the beef between the government and the crypto market.

As I see this update, I just laugh because I know the country I come from, because las las I know say the major reason why our government dy fight cryptocurrency and most of this exchange na because of say, them feel say e no dy help the economy in any way, so their initial intention na to start to dy collect tax from most of this exchange hand, but them no know how to use come out clean and tell all the exchange say na tax wey Dem want, but as kucoin don man up and come forward first, na very good thing.

 When  I believe say all this wahala start, na  when our government hear say binance make up to 25billion dollar in the Nigerian market, na that one make our government start their own wahala, because then no been think say them dy make that much, but as e don be like this, them believe say them surpose get their share inside, but on a sincere note, Dem  surpose don dy pay tax since, but the high level of incompetence in government offices, nai make e waste time like this, but any how, thank God say this issues don dy resolved.

[Justbillywitt]

About a month a go, I reported that Kucoin suspended P2P market in Nigeria due to the regulatory compliance and it seems there is negotiation to stay in Nigeria market. They made an announcement to start paying value added tax to the Nigerian government.

The value-added tax (7% tax) will be deducted from the trading fee Kucoin will be charging every trade you make on the exchange, perhaps this is going to make the government allow p2p platforms to strive once again since the tax is coming from the fee already paid to the exchange and not the traders. I hope this ease the beef between the government and the crypto market.

If it was taxes they wanted all these while, why didn't the Nigerian government say this before they started the witch hunting of crypto traders and exchanges and creating tension all over the places. With this their moves it's now obvious that the Nigerian government lied when they said billions of Naira were laundered through Binance. They just made up this stories just to attract attention. Why then did they arrest the Binance officials who came for negotiation with them in the first place. Sometimes I wonder how this government thinks. A responsible government would have just asked the exchanges that they want to tax their users from the country and see if the exchanges would refuse. They didn't do that instead they created panic everywhere. Now it's obvious to them that crypto currencies trading is not the problem to Nigeria economy, hence their move to start taxing traders. It's a welcome development provided we will trade in peace.

[Igebotz]

Everyone should boycott KuCoin - They didn't hesitate to delist Naira pairs and Naira p2p marketplace when the CBN ordered them to and now they're the first exchange to implement VAT tax on Nigerians transactions. If our Govemment are still hunting crypto traders at home, they do not deserve our tax. They must legalize crypto trading with banks at home before demanding our tax.

You can't be hunting us, hunting our bank and still demand tax on what you hate us do. If you're still using KuCoin you're risking your personal Data and privacy.

[Dailyscript]

This is a very good information. I just wished other exchanges that delisted NGN p2p should adopt this idea, especially Binance so that everything we be settled once and for all. I already said that this was just the idea of the Nigerian government. Since they have heard several information about how these exchanges are gaining from the Nigerian citizens without any share getting to their hands they want to find a way so that everyone will pay tax including the crypto traders, investors, and miners in Nigeria.

[Fiatless]

Everyone should boycott KuCoin - They didn't hesitate to delist Naira pairs and Naira p2p marketplace when the CBN ordered them to and now they're the first exchange to implement VAT tax on Nigerians transactions. If our Govemment are still hunting crypto traders at home, they do not deserve our tax. They must legalize crypto trading with banks at home before demanding our tax.

Baba wetin you cap make a lot of sense but no forget say KuCoin no get power to fight Nigerian government. So I no go too blame them for delisting Naira immediately because na government give the order.

You can't be hunting us, hunting our bank and still demand tax on what you hate us do. If you're still using KuCoin you're risking your personal Data and privacy.

I support say make everyone boycott KuCoin because the government no go dey put sand for the garri wey we dey fry and still want make we arrange garri for them to chop. But this idea go make sense if we get other alternative. Make you no surprise say the government go begin fight any exchange wey decide say them no go collect tax for them.

[Cossyblack]

About a month a go, I reported that Kucoin suspended P2P market in Nigeria due to the regulatory compliance and it seems there is negotiation to stay in Nigeria market. They made an announcement to start paying value added tax to the Nigerian government.

The value-added tax (7% tax) will be deducted from the trading fee Kucoin will be charging every trade you make on the exchange, perhaps this is going to make the government allow p2p platforms to strive once again since the tax is coming from the fee already paid to the exchange and not the traders. I hope this ease the beef between the government and the crypto market.

I think the Nigeria government have come to their senses and they must have investigate and realize that p2p transactions cannot stop in the country and that they're fighting an already lost fight.

The regulatory board have got it right this time for seeing and thinking positive about how cryptocurrency can help to improve our economy through value added taxes and also want to thank kukcoin management teams for cooperating with the govt to a good logical conclusion,this is a welcome development to all crypto traders in Nigeria.

[Commorant]

The value-added tax (7% tax) will be deducted from the trading fee Kucoin will be charging every trade you make on the exchange, perhaps this is going to make the government allow p2p platforms to strive once again since the tax is coming from the fee already paid to the exchange and not the traders. I hope this ease the beef between the government and the crypto market.

Do you know what that means? They're splitting up their fees (which is obviously they profit) to settle the government, just to give Nigerians an upperhand. For the best part, it was never a beef; the government just decided to look into CEXs and they daily transactions. That only made them realize how much they can get if they have them under their control. There and then, censorship was the best form of attack just to get their own cut.
Kucoin just decide to do wetin most centralized exchanges no wan do; likes of binance and the rest. Those ones don evaluate wella until them realize say patronage from other part of the world fit still cover up wetin them dey make from Nigerians, that na why them no even send our government.