The Federal Government will begin the collection of Value-Added Tax of 7.5 percent on every cryptocurrency transaction from July 8.
One of the cryptocurrency platforms in the country, KuCoin, disclosed this in an email to its users and obtained by Ripples Nigeria on Wednesday.
It wrote: “Dear KuCoin User, 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% on transaction fees in each trade for users whose KYC information is registered in Nigeria.
