Topic: Kucoin exchange to start paying Value-Added Tax to Nigeria government - page 3. (Read 591 times)

I could remember your posts that the only way out of this mess of banning exchanges from operating in the county was to tax them, now we are here, where we were supposed to be. I don’t have any issue with the amount as at now because it will only be a greedy or less concerned citizen that will complain about the percentage, but my only complaint is, before going ahead with this new development the government needs to address the legality of traders, one cannot be paying for this so called tax and still be disguising when trading. There should be a directive to banks about it been legal.

After this I think those who still have their accounts worth millions of naira frozen due to this kind of bans should open up a petition for its return. We cannot simply pay tax and then still be under severe restrictions. Overall it is a big step up if you ask me, the amount people lose on all this local exchanges is by far more than this percentage. The government should even make it incentive for the exchange to even prioritize having an head office here in Nigeria.


Yes you are right about people using crypto for money laundering, but I tell you this the government were just blabbering about it the last time just because they wanted reasons to ban it. This is a KYCed platform and outrageous amount movement can easily be dictated and frozen by the exchange you know. Centralized exchanges are even the easiest way to catch money laundering in cryptocurrency, so it won’t me a major problem if you ask me.

My major concern is the hope the tax valuation or say percentage wouldn’t be increased later to an unrealistic amount because of there is anything this government knows how to do it is increasing rates

But if you ask me  C-T  I will say in the first place, it is not in the place of kucoin or any other exchanges to make the first move for regulation and tax, it was a thing expected of the government to do but they failed in their role anyway. Nevertheless, I commend kucoin for their professionalism in making such move with the Nigeria government in order to see to the use of Naira in their platform because with the level of crypto adoption amongst Nigerians, Nigeria is a huge market for crypto in Africa and kucoin understand what they stand to continue losing if they don't take the move themselves so as to bring back p2p for Nigerian traders in their platform which the ban on their platform has led to Nigerians looking elsewhere. I think it's a win-win situation for both parties.

If its going to be done in the right way I will be very happy to see it happening because finally our minds will all settle down, government is very powerful and have unlimited power to do anything, I think finding a resolution on this issue is good at least all the three parties should be happy, the three parties are, government, exchange and we the citizens. When this start I will have confidence of transacting with free of mine without any fear.

My fear is that we Nigeria are very smart, this agreement shouldn't give room for money laundering especially our politicians I know must of them don't know how to use it but there are smart people among them, but what calmed my mind is that every transaction is traceable and it will easily be track down.

For sure Nigeria governments are supposed to make this kind of decision but making it after a long period or shorting down for some time before they could conclude on this is my big issue.

it's an example of incompetence because they let the people suffer first before they make a decision but in other case they deliberate on such decisions without affecting the people first, then once it's concluded they put it out. anyways, at least we are only going to pay extra fees to make transactions which is better and if it happens across all exchanges (CEXs) it will bring up a competition that might lower the added tax amount.

For instance if binance as a bigger and wider exchange decides to take 6.5% of tax charge using Kucoin as example, they might want to lower their fees too for more patronage and that will be a good experience.

I'm a little bit impressed.

Do not mind those news that brought it out that government demanded for $10 billion from Binance but did not bring the second news that Onanuga clarifud what he meant. BBC interviewed Bayo Onanuga, the special adviser on information and strategy to President Bola Tinubu when he said it but he later knew what was circulating and later said BBC misinterpreted him that he meant government may fine Binance and not that government has fined Binance.

I think it is because of the percentage they agreed to come back again. I also just received the email from my inbox but if you are making the transaction from Kucoin to another exchange and using TON network, I think think that percentage also applied for it and also it is not also apply for internal transactions but it is only when you are trading with it.
Either buying or selling. Well it is a good move and I think Binance and OKX will also do the same and come back again. This is good news but they gave to monitor their vendors so that they will not manipulate the price of dollar and instead.of keeping it in the normal price of $1 = #1479 and not to #1800 amd any vendor thT manipulate the price should be bad instantly. And I just checked the app they have not added the NGN sign back to the payment method.

Hopefully... because the way I see those corrupt officials is just like fraudsters not even professional because  they make it open since they are covered by  their stupid immunity. This was their major intentions right from the start they just actually looked for a perfect  timing and now that they are getting what they want  let's see their next move

This is a good initiative, another thing I`m concern is from the fact that these regulators might in the want more percentage from the task before they agree to it since it obvious they`re just greedy especially how they wanted $10 billion from Binance. Though this will make our dense regulators see that these exchanges are ready to pay taxes.

I think Kucoin made this move because those regulators have always been acting like they do not know what they are doing. I expected all well known exchanges to have been driven towards this path in a way Nigerian government can generate tax from cryptocurrencies. I really like to see this happening. But let us hope corruption will not prevail in a way that they will generate more taxes but the economy becoming poorer.

About a month a go, I reported that Kucoin suspended P2P market in Nigeria due to the regulatory compliance and it seems there is negotiation to stay in Nigeria market. They made an announcement to start paying value added tax to the Nigerian government.

The value-added tax (7% tax) will be deducted from the trading fee Kucoin will be charging every trade you make on the exchange, perhaps this is going to make the government allow p2p platforms to strive once again since the tax is coming from the fee already paid to the exchange and not the traders. I hope this ease the beef between the government and the crypto market.