Cryptocurrency exchange KuCoin will begin charging 7.5% VAT on transaction fees for Nigerian users from July 8th. 📈 VAT will only apply to the transaction fee and not to the total amount. However, Nigerian stakeholders have expressed doubts about the transparency of the new tax. Questions arise about how the government will verify the number of users and ensure the accuracy of trade reporting. It is unclear how KuCoin will pay VAT given the Central Bank of Nigeria's restrictions on cryptocurrency-to-fiat exchanges.