On July 8, 2024, users who are registered in Nigeria will be subject to a 7.5 percent Value Added Tax on cryptocurrency transactions.
This was revealed by the well-known cryptocurrency network KuCoin in a recent email notification to its Nigerian members.
“We are writing to inform you of an important regulatory update that impacts our users from the Republic of Nigeria.
“Starting from July 8th, 2024, we will begin collecting a Value-Added Tax (VAT) at a rate of 7.5 percent on transaction fees in each trade for users whose KYC information is registered in Nigeria.”
The annual volume of Bitcoin transactions, according to government figures, is $59 billion.
Peer-to-peer commerce, according to Ray Youssef, director of NoOnes, a cryptocurrency network, is valued at $500 billion.
Olayemi Cardoso, the governor of the Central Bank of Nigeria, voiced concerns in February 2024 about the mysterious $26 billion that was moving through Binance and disappearing.
