Topic: Kucoin exchange to start paying Value-Added Tax to Nigeria government - page 2. (Read 591 times)

I think the Nigeria government have come to their senses and they must have carried out
some investigations and have realize that p2p transactions cannot be stopped in Nigeria and the war on crypto clampdown is unnecessary.

The regulatory board have got it right this time for  thinking positive about how cryptocurrency can help to improve the Nigeria economy through value added taxes and i also want to thank the  kukcoin management teams for cooperating with the govt and for reaching a good logical conclusion,this is a welcome development to all crypto enthusiastic as I believe with time crypto Currency  will be accepted as legal tender in the country.

Baba wetin you cap make a lot of sense but no forget say KuCoin no get power to fight Nigerian government. So I no go too blame them for delisting Naira immediately because na government give the order.

I support say make everyone boycott KuCoin because the government no go dey put sand for the garri wey we dey fry and still want make we arrange garri for them to chop. But this idea go make sense if we get other alternative. Make you no surprise say the government go begin fight any exchange wey decide say them no go collect tax for them.

This is a very good information. I just wished other exchanges that delisted NGN p2p should adopt this idea, especially Binance so that everything we be settled once and for all. I already said that this was just the idea of the Nigerian government. Since they have heard several information about how these exchanges are gaining from the Nigerian citizens without any share getting to their hands they want to find a way so that everyone will pay tax including the crypto traders, investors, and miners in Nigeria.

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.

If it was taxes they wanted all these while, why didn't the Nigerian government say this before they started the witch hunting of crypto traders and exchanges and creating tension all over the places. With this their moves it's now obvious that the Nigerian government lied when they said billions of Naira were laundered through Binance. They just made up this stories just to attract attention. Why then did they arrest the Binance officials who came for negotiation with them in the first place. Sometimes I wonder how this government thinks. A responsible government would have just asked the exchanges that they want to tax their users from the country and see if the exchanges would refuse. They didn't do that instead they created panic everywhere. Now it's obvious to them that crypto currencies trading is not the problem to Nigeria economy, hence their move to start taxing traders. It's a welcome development provided we will trade in peace.

As I see this update, I just laugh because I know the country I come from, because las las I know say the major reason why our government dy fight cryptocurrency and most of this exchange na because of say, them feel say e no dy help the economy in any way, so their initial intention na to start to dy collect tax from most of this exchange hand, but them no know how to use come out clean and tell all the exchange say na tax wey Dem want, but as kucoin don man up and come forward first, na very good thing.

 When  I believe say all this wahala start, na  when our government hear say binance make up to 25billion dollar in the Nigerian market, na that one make our government start their own wahala, because then no been think say them dy make that much, but as e don be like this, them believe say them surpose get their share inside, but on a sincere note, Dem  surpose don dy pay tax since, but the high level of incompetence in government offices, nai make e waste time like this, but any how, thank God say this issues don dy resolved.

The government for talk say na tax dem dey target wen them dey attack all the exchanges. Before dem say na exchanges dey make our money dey lose value but if you look the matta closely you go see now say dem just intimidate these exchanges so that dem go collect tax from dem. With this latest move, I believe say other exchanges wey Dem don blacklist go return because eh clear now say na tax Dem one collect.
This government just dey find all means to collect money from us. Very soon dem go introduce tax wey of you want enjoy with your wife for bed you go pay tax before you start. The worst part bi say the tax sef no dey even affect the life of the common man. Things still the rise and suffer full everywhere.

Nigeria market na very big one and the profit wey dem dey realize here dey very high. So dem go accept any terms wey the government give them after all no bi dem go pay the tax na customers go pay am. I think say Kucoin go ensure say dem dey very accountable to the government because if Nigerian government find out any wuruwuru, dem fit nak dem better sanction wey fit include fine or ban. The news still dey sketchy, maybe as days dey go we go get the main koko about the new tax policy.

Does this in anyway mean that they will be returning NGN to their p2p transactions? What exactly is the implication of this because many things are not still clear about this development. You cannot just wake up and start collecting tax on crypto when you are still cracking down on Nigerians using crypto and even sanctioning banks like Opay for allowing transaction in cryptocurrency. This to me is like confusion on the side of the Nigerian government and I'm surprised that Kucoin is accepting this from the Nigerian government even when they are not registered in Nigeria.

Another issue of concern is in the transparency. How will Nigerian government know if what Kucoin is declaring is actually the correct amount they would have collected from Nigerians? Is there any way for them to verify because Kucoin does not have office in Nigeria neither are they registered as a business here. Finally, if I deposit my money in Kucoin and transfer same to another exchange, will they charge me the 7.5% VAT?

This news coining at this time is a good news for some reasons, and it’s another thing to think of.
If the federal government can demand for tsk from centralized exchanges like KuCoin, it means that the federal government have less say about cryptocurrencies ban since they allowed it to the extent that they are requesting for tax payment from the exchange. The good news is that, we can see p2p trade back so that we will easily access the p2pnsevive.

On the other hand, can’t this be another red flag on Centralized exchanges because we are not safe since they can have our privacy out to the federal government if the need comes?
I know they will not leak the information but it is risky to trust centralized exchanges.

Lastly, can this be a chance for people whose accounts has been flagged for crypto related transactions to get their account back?
If yes, then the Federal government of Nigeria will letter legalize Bitcoin in my opinion

Since the government has agreed to the 7%, I expect more than only p2p will return to the exchanges. However, I checked the app also and they have not added the NGN back to p2p, but I think we may expect more. I agree with you that the government should ban any vendor from manipulating price just for their financial gain. It seems Kucoin works very hard to make sure that their Nigerian users are happy. But I'm hoping this is not a setup. They should not join mouths with our country and provide information of those that make trading. Because our government fit do am.

But wait o, even if our government bans those who manipulate price, what should be the gain? We don't have the same Nigeria anymore, our government fought against the price of the dollar, and it fell to #1100. Nothing changed in society, the price of the dollar remained the same around #1400, but the price of food increased. I hope that this percentage of a thing is for the better.

This is what they should have done for long instead of trying to shut down cryptocurrency in the country i believe this step will lead to more great moves and probably may lead to restoring back p2p trades on those major exchanges. It good that government and the exchange have come to consensus and at least i am happy government have finally taken a step forward which could change their mind about cryptocurrency.

You have a point about the corruption and money laundering that take place in most of these exchanges but i believe there are ways the exchange will be able to identify such fraud.

I already knew right from the start that all the so called display by the government is just to attract or I say extort some good fortunes from these exchanges, nothing more than this because I believe they can never shot down the P2P service for too long. Once the new system begins with Kucoin then definitely it will go round to as many more exchanges currently in use.

All these while nothing has changed in the economy, a dollar currently exchanged for 1,500 Naira nothing fascinating about their so called measures to keep the economy fit even with the taxes to be paid, I still don't yet except something positive to happen.

With this kind of moves going round, it's obvious Kucoin still want to engage the Nigerian market again by lifting the suspension on P2P trade. At first it was looking like they don't care about the outcome of the P2P suspension they made on Nigeria, I think they've taken time to understudy the losses they have encountered given the fact that a lot of kucoin Nigerian users have migrated to the next exchange that will give them the best of service they want, Nigeria is big Cryptocurrency market in Africa, at least the best they can come up with is to liaise with the government of the day to find a common ground so that their business can strive.

It is very good that KuCoin has decided to cooperate with the government, this is also what the Nigeria government wants, they want where they are going to be generating money from, I have said from the beginning that the reason why the government wants to stop those cryptocurrencies activities in Nigeria is that they want to start generating money from each cryptocurrency exchanges and KuCoin has decided to cooperate with them, it will be very good if the remaining exchanges also follow the same steps that KuCoin follow and negotiate with Nigeria government so that they will have their customers back.

As Nigeria will be generating tax from some exchanges, what do we think the government will be doing with the tax? From my understanding and the country that I know is Nigeria, the money will be squandered by the government, no one will ever know what the money is used for and the money is supposed to be used for a project that will progress the country and also help the people of the country but due to corruption in the country we will never hear from them when they collect the money.

So in essence the original reason or battle in which they actually fought over the P2P trade being a source to increase of the naira is just a mirage because if there is possiblity that kucoin will allow P2P trade again then the Nigerian actually don't know what's their problem and I won't be surprised because even from the onset and till date that they have continually blocked P2P trade on major exchange the Nigerian naira still fail to appreciate over the dollar instead it continues it decline and showing that the step they took to approach the whole naira depreciation things is just a shift of blame to these exchanges being the cause.

One would be right to say the policy of this present government is concerning taxation alone, they careless about the affairs of the citizens, when they saw they were not benefiting from these exchanges they decided to shut them down to frustrate citizens who carry out transactions with them.

 However, now that most exchanges are now coming in agreement to terms that would favour them, they're now considering lifting the ban, it's not as if those money they'll realise from the tax they'll generate from Kucoin that would be indirectly paid by citizens would be used for the betterment of the nation but instead looted and shared amongst themselves as usual.

 Well, it's a good news to have those exchanges back, Kucoin was one of the top exchanges in Nigeria before the ban and I patronised their P2P services back then, I'll love to hear that exchanges like Binance and OKX get back as well.

I don't think so, we can not just use because of tax enforced by government on NGN Cex P2P, and generalize the whole cryptocurrency becoming not favourable. As we all know that this tax works only for Nigeria centralized P2P exchange, but may not work for everyone in this country or outside the country, because different people have there ways to trade their coin, so they can bypass this tax. And Morover I don't think Nigeria government would benefit this tax forever, this is just temporary because Dex exchange has not been discovered where people would trade there coin effectively without the use of kyc, because the kyc Cex is using is the reason behind why government is holding firmly on tax. Tax is not one of the porpos of cryptocurrency or blockchain technology but now government want to deprive us of the sovereignty and liberty of blockchain technology by making people pay tax fee per exchange. Though the percentage may be small but with time I believe government will not have that right or opportunity to tax it's citizens through NGN Cex P2P. when Dex non kyc will be out, cryptocurrency will still maintain one of its advantages of being totally dicentralize, where no entity will have the right to directly or indirectly extort money from cryptocurrency transaction. Because if this pattern of government continues, Cex may be currupt by this greedy politician and begin to extort above the initial percentage agreed.

 Just saw this on X app this is how it going to been calculated now every transaction been made (7.5% will be used for the so called tax payment)

 Lol I thought the so called government where against the crypto world and now they still want the exchange to pay them for every transaction well good luck with them.  
This Nigerian government matter tire me self ohh I just pray say this tax of a tinx no affect other exchange too.

But on a second through e be like say our government don dey put head for cryptocurrencies matter ohh this one wey them dey collect taxes, na him be say if the government start collect tax crypto don resume back to it place be that ohh.

I also see this as a good development for everyone of us (the government, the exchanges and the trader). The Nigerian government is after money and in this way, they will be able to generate the money they are after. The steps they earlier took to fight crypto will never be fruitful, negotiations like this will give all parties involved a fair ground.

However, I will still advice our people to keep learning about this technology called crypto because this probably might not be favorable in the long run due to excess charges that would characterize the system. If these eventually happen, DEX will be our only option where majority of us are not familiar with. In summary, it’s a good move and we will probably expect p2p service to be restored in kucoin while expecting other exchanges to follow suit.

That won't be an obstacle if the government want to steal good money. They have been doing it with fiat before so I don't see any thing change if they finally let cryptocurrency exchanges in the country. I think I ones asked similar questions a long time ago about Nigeria government using cryptocurrency to steal. But then you will know by now that most of these top politicians who are exposed knows more about cryptocurrency than we do. And it would not be shocking to hear that some of them have been converting cash to coins using exchanges but out there on screen, they claim to want to regulate them.