Nigeria Nigeria Introduces 7.5% VAT on Crypto Trades Starting July 8

Nigeria introduces 7.5% VAT on crypto transactions from July 8, 2024, impacting users registered under KYC. KuCoin notifies users of the regulatory updates affecting digital currency trades.

Starting July 8, 2024, cryptocurrency transactions in Nigeria will be subject to a 7.5% Value-Added Tax (VAT), announced by platforms like KuCoin.

This update impacts users whose KYC details are registered in Nigeria, with the VAT applied to transaction fees in each trade. The move reflects ongoing regulatory adjustments affecting digital currency operations within the country.