Blockchain
KuCoin Announces New 7.5% VAT on Transaction Fees for Nigerian Customers
![kucoin-announces-new-7.5%-vat-on-transaction-fees-for-nigerian-customers](https://theblockchainexaminer.com/wp-content/uploads/2024/07/51591-kucoin-announces-new-7-5-vat-on-transaction-fees-for-nigerian-customers.png)
KuCoin, one of the world’s leading cryptocurrency exchange platforms, has announced the implementation of a 7.5% Value-Added Tax (VAT) on transaction fees, effective July 8th, 2024. This new regulation will impact all users whose Know Your Customer (KYC) information is registered in Nigeria. The VAT will be applied exclusively to transaction fees, not the overall transaction amount.
For example, if a user buys 1,000 USDT worth of Bitcoin, they would typically incur a fee of 1 USDT at the standard 0.1% fee rate. With the new VAT, an additional charge of 0.075 USDT would be applied to this fee, resulting in a total fee of 1.075 USDT. Consequently, the net amount available for the transaction would be 998.925 USDT. KuCoin clarified that the VAT would cover all types of transactions on its platform. This move aligns with recent regulatory updates and demonstrates the company’s commitment to complying with local tax laws.
The announcement has garnered mixed reactions from the Nigerian cryptocurrency community. Some users have expressed concern over the added cost to their transactions, while others recognize it as a necessary step towards greater regulatory compliance and legitimacy for cryptocurrency trading in Nigeria. KuCoin encourages affected users to seek assistance through their Telegram group or by contacting the online support team for further guidance on the new tax regulations.
As Nigeria continues to evolve its regulatory framework for digital assets, this development underscores the importance for traders to stay informed about local laws and their potential impacts on trading activities. The KuCoin team expressed their gratitude for users’ cooperation and understanding, reiterating their commitment to providing a secure and compliant trading environment.
KuCoin’s introduction of a 7.5% VAT on transaction fees for Nigerian users marks a significant step in aligning with local tax regulations. While the additional cost may concern some users, it underscores the importance of regulatory compliance in fostering a legitimate and sustainable cryptocurrency trading environment in Nigeria.
Source: investorsking.com
The post KuCoin Announces New 7.5% VAT on Transaction Fees for Nigerian Customers appeared first on HIPTHER Alerts.
Blockchain
Grupo Financiero Banorte Digital Strategy Analysis Report 2024: Accelerators, Incubators, and Other Innovation Programs
Blockchain
Global Online Banking Market Size To Worth USD 44.89 Billion By 2033 | CAGR Of 13.31%
Blockchain
OKX Wallet Now Integrated with tanX
-
Blockchain Press Releases6 days ago
HTX to Upgrade Broker Program Rules, Offering More Flexible Commission Model and Limited-time Benefits
-
Blockchain4 days ago
Virgin Galactic regains NYSE compliance with stock price
-
Blockchain5 days ago
Tether, the largest stablecoin issuer by market capitalization, is expanding its presence in Turkey through a new collaboration aimed at exploring various tokenization use cases among Turkish financial lenders. In a recent blog announcement, Tether revealed that it has signed a Memorandum of Understanding (MoU) with the crypto consultancy firm BTguru to develop comprehensive programs and leverage BTguru’s connections to facilitate discussions with financial institutions in Turkey. The collaboration will primarily focus on asset tokenization, exploring real-world asset tokenization use cases for banks. This initiative aims to harness the benefits of tokenization to enhance the efficiency and transparency of financial transactions. Real-world asset (RWA) tokenization could potentially allocate trillions of U.S. dollars. Analysts at McKinsey & Company estimate that the sector’s market capitalization could reach approximately $2 trillion by 2030 under a base scenario. This partnership coincides with significant regulatory developments in Turkey. Turkish President Recep Tayyip Erdoğan recently signed a new bill into law that regulates the crypto industry and outlines penalties for non-compliance. Crypto exchanges seeking to operate legally in Turkey must obtain a license from the Capital Markets Board, the country’s financial regulatory and supervisory agency. Unauthorized crypto platforms offering trading services could face prison sentences of three to five years. Additionally, the new law imposes fines ranging from $7,500 to $182,600 and mandates that crypto providers implement and report measures such as seizures and other legal enforcement actions. The collaboration between Tether and BTguru reflects a strategic move to align with Turkey’s evolving regulatory landscape while fostering innovation in the financial sector. By focusing on tokenization, Tether aims to provide Turkish banks with advanced tools to tokenize real-world assets, potentially transforming traditional banking practices and enhancing compliance with new regulations. This initiative not only positions Tether at the forefront of financial innovation in Turkey but also sets a precedent for other crypto firms looking to navigate complex regulatory environments. As Tether deepens its engagement with Turkish financial institutions, the move could encourage broader adoption of blockchain technology in traditional finance, thereby fostering a more integrated and compliant digital asset ecosystem. The strategic partnership with BTguru and the proactive approach to regulatory compliance underscore Tether’s commitment to expanding its global footprint while adhering to local laws and promoting the benefits of asset tokenization in the financial sector.
-
Blockchain4 days ago
SMX Launches Blockchain Solution for Enhanced Supply Chain Transparency
-
Blockchain Press Releases6 days ago
HTX Ventures Invests in RedStone Oracles to Expand Modular DeFi Infrastructure
-
Blockchain5 days ago
Tether teams up with BTguru to explore RWA use cases for banks in Turkey
-
Blockchain Press Releases4 days ago
Bitget Launches Fiat OTC Service for Block Trade, Supporting GBP, EUR and USD
-
Blockchain Press Releases4 days ago
Bitget, BitMart and AscendEX Announce Saving Promotions Featuring Stablecoin WUSD, Up to 11% APY