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

[Franctoshi]

Isn't a bad thing to tax Nigerians involved in trading cryptocurrency, in fact, this should have long happened if we truly have a working system of government in place and not to have tried to hurt participants in trading Bitcoin and other cryptos to the extent that some got their accounts banned and money quizzed as result of government's effort to hurt crypto enthusiasts in the country and finally coming at the end to do what is required. However, isn't just about taxing us, but the question is: Would the money that they will be generating from the tax they made from crypto transactions be used in the right place, and basically alleviate the suffering in our country? Without it still ending up in the pockets of our their politicians.

[Davidvictorson]

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.

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.

[Igebotz]

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.

[Davidvictorson]

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.

I agree with you again. If there was a crypto exchange award, it will easily go to Bybit. They are the real MVPs. And yes, I would have no qualms if I get an email from them informing me of their decision to adopt the VAT. And just a personal opinion, it will disloyal if anyone who switched to Bybit when Kucoin stopped serving Nigerians to leave them and return to Kucoin.

Thank you Igebotz for your response.

[EclipseXcrypto]

The steps wey kucoin take na very nice one and ee dey recommended to see other exchange make dem sef look into am do as kucoin do . Ee don tay wey naija government don dey show interest to dey collect tex from exchange companies wey dey operate inside naija, As kucoin don take this decision to take VAT (value added Tax) ee show say dem and and naija government don agree to put heads together consine de matter, dem ready to comply with naija tax law.

Kucoin say every transaction for example every 1000 USDT 0.1% go deduct for transaction and 0.75% go deduct for and go for VAT ee go com remain 998.9% for the owner.

[DaNNy001]

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.

I agree with you again. If there was a crypto exchange award, it will easily go to Bybit. They are the real MVPs. And yes, I would have no qualms if I get an email from them informing me of their decision to adopt the VAT. And just a personal opinion, it will disloyal if anyone who switched to Bybit when Kucoin stopped serving Nigerians to leave them and return to Kucoin.

Thank you Igebotz for your response.

Really bybit? Hmm or am I missing something here ? Is this not the same bybit that has a lot of crazy ass vendors that tend to set their price rate so high in the P2P trade option and yet the system allows such and also again there are vendors are mostly offline well that's atleast from my own perspective. I really don't think I can class bybit exchange as MVP that's ofcourse if there was something like that.