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.

[Igebotz]

Has any customers being taxed yet? The memo from KuCoin clearly stated that the VAR tax would  commence from 8th July and it's been over 3 weeks now and no single VAT tax has been deducted from my transactions - I've deposited and withdrawn more than $2k on KuCoin since the implementation of VAR tax and no single tax has been placed on any of my transactions yet.



Anyone experiencing the same thing?...

[Kelward]

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.

Our government de always put di cart before di horse, dat na why dem no de do anything at di right time. Dis crypto tax matter na wetin dem for don do since wey we don de expect dem to regulate di crypto sector for di country. Anyway beta late dan never, as dem don wake up lastly to do di right thing I support di move so dat we wey de inside go rest for dis crypto restrictions matter.

Anoda matter of concern na weda dem go use di taxation from cryptocurrency to better di economy because our government officials no get good reputation about our public funds. Hopefully di full implementation of taxes on exchanges go make dem comot di restrictions on naira p2p for dis reputable exchanges.

[Cryptomultiplier]

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.

Our government de always put di cart before di horse, dat na why dem no de do anything at di right time. Dis crypto tax matter na wetin dem for don do since wey we don de expect dem to regulate di crypto sector for di country. Anyway beta late dan never, as dem don wake up lastly to do di right thing I support di move so dat we wey de inside go rest for dis crypto restrictions matter.

Anoda matter of concern na weda dem go use di taxation from cryptocurrency to better di economy because our government officials no get good reputation about our public funds. Hopefully di full implementation of taxes on exchanges go make dem comot di restrictions on naira p2p for dis reputable exchanges.

Whether the government decides to use the taxation for good or not doesn't matter to traders and the kucoin exchange itself, because in the long run, kucoin as an exchange has done its part in securing its place in the Nigerian market and any other exchange will have to fall in line anyways just to remain in business because i think we have one of the biggest crypto markets in the world and when we consider payments options for overseas transactions, the taxation is way better than using traditional banking systems.