KuCoin Adds 7.5% Tax for Nigeria Users
[ad_1]
To an extent, I agree regulation is aimed at filtering bad actors from this industry but introducing tax kills the aim of decentralization. Does this feel like governments are winning the war on this industry or do these giant exchanges just bend to the wind? I understand that some citizens are already used to paying taxes on their crypto transactions but this still seems odd to many Nigerians and I think many will be looking for a better way out. However, this new tax signifies official acknowledgment of Nigeria’s crypto industry which could have an impact on market dynamics and investor confidence. Let’s see how many exchanges will bend the knee as SEC is requiring exchanges and traders to re-register within 30 days as part of its plan to regulate digital assets
[ad_2]
Your ast sentence emphasize re-registering. Does it mean we will need to re-register and if so; what happens to our assets?
I think it’s high time I look towards Bitget or Binance atm before kucoin make the whole process clear to us.
At the current economic level most users are trying as much as possible to avoid taxes, especially additional taxes. I feel like this news by Kucoin is a turn off to many. I have come across a number of Nigerian users complaining and looking for an alternative platform. Bitget appears on the radar as it has lower tax-free fees.
this is just too much!!! but what can kucoin do too like i’m wothdrawing 1k usd and 75$ will be deducted i’ll just switch to other cex for now to be on the safer side, it’s been a long way