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KuCoin to Enforce 7.5% VAT on Fees for Nigerian Users from July 8

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3 months ago

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KuCoin cryptocurrency exchange announced the implementation of a 7.5% value-added tax (VAT) on transaction fees. This new tax affects users in Nigeria who have completed their Know Your Customer (KYC) registration. Starting from July 8, this VAT will be added to the transaction fees, not the overall transaction volume.

KuCoin to Apply VAT on Nigerian Fees

The new VAT policy by KuCoin directly targets transaction fees, increasing the cost for Nigerian traders on the platform. Despite the clarity on the calculation basis, applying VAT amid the ongoing government ban on crypto websites, including KuCoin, raises questions. Nigeria’s crypto community stakeholders have expressed concerns regarding this decision’s timing and regulatory implications.

 

Lucky Uwakwe, President of the Blockchain Industry Coordinating Committee of Nigeria (BICCoN), highlighted potential challenges in enforcing the new tax. He questioned how the government would verify user counts, ensure accurate trade reporting, and manage the remittance of collected taxes. The lack of clear guidelines on these fronts could lead to complications in compliance and transparency.

 

The constraints imposed by the Central Bank of Nigeria (CBN) on converting cryptocurrencies to fiat currencies add another layer of complexity. Given these financial restrictions, it remains uncertain how KuCoin intends to remit the VAT collected. This scenario poses a dilemma on whether banks would handle crypto-related transactions under current policies.

 

Also Read: CoinDCX Acquires BitOasis To Foray Into MENA Region

CBN Ban Limits Nigeria’s Crypto Growth

KuCoin’s introduction of VAT on crypto transactions might indicate a shift in governmental attitudes toward recognizing digital assets. Rume Ophi, a local crypto analyst, views the VAT levy as a positive step that could lead to the formal acceptance of cryptocurrencies as legitimate financial instruments in Nigeria. He suggests that this move might pave the way for future regulations and licensing within the crypto industry.

 

However, the continued prohibition by the CBN, initiated in 2021, remains a significant barrier. This restriction has discouraged local crypto exchange development, pushing industry players to seek more favorable conditions abroad. Ophi lamented the missed opportunities due to stringent government actions, which have stifled the growth of the nascent crypto industry in Nigeria.

 

There is speculation that this tax could be a precursor to more comprehensive crypto regulations. Such measures allow banks to facilitate crypto trades, expanding the scope beyond peer-to-peer transactions. However, clarity on this matter has yet to be provided, leaving room for speculation among users and stakeholders.

Also Read: XRP Lawsuit: Lawyers Claim Ripple Case Is In SEC Favor, Chevron Ruling Irrelevant

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Maxwell is a crypto-economic analyst and Blockchain enthusiast, passionate about helping people understand the potential of decentralized technology. I write extensively on topics such as blockchain, cryptocurrency, tokens, and more for many publications. My goal is to spread knowledge about this revolutionary technology and its implications for economic freedom and social good.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Analyst Reveals How Cardano Price Can Reach New Highs

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9 hours ago

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October 4, 2024

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Crypto analyst Trend Rider has revealed the two paths that the Cardano price can follow to reach new highs. This comes amid ADA’s underperformance, with the crypto token currently one of the worst-performing crypto assets since the start of the year.

How Cardano Price Can Reach New Highs

Trend Rider highlighted two paths that the ADA price can follow to reach new highs. He claimed that if Bitcoin holds above $60,000, then path A will happen. The chart he shared showed that path A means that the Cardano price will record a price surge to $0.6 without experiencing any further downtrend before moving to the upside.

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Meanwhile, path B involves ADA dropping to the liquidation zone at $0.24 before it begins its uptrend. Trend Rider noted that this would be the crash scenario for the ultimate entry. A price correction to that level could help shake out weak hands and ensure that Cardano is well-prepared to begin its bull run.

For now, the path B looks more likely to happen. According to a CoinGape analysis, the Bitcoin price is likely to slip below $60,000 following worrying NFP data. Therefore, ADA is expected to witness a significant price decline alongside the flagship crypto.

ADA has had a bearish outlook since the start of the year. The coin is currently one of the worst-performing assets this year, with a year-to-date (YTD) gain of over 12%. There were high expectations for Cardano heading into October, considering that the crypto witnessed its first ever monthly green candle in September last month.

However, Cardano hasn’t gotten off to a great start this month, although this is partly thanks to the bearish sentiment in the broader crypto market.

On-chain Metrics Paint Mixed Sentiment

On-chain metrics suggest that investors currently have a mixed sentiment towards Cardano. IntoTheBlock data shows a slight increase in the crypto’s large transactions these few days. This indicates that crypto whales are actively accumulating ADA tokens. These whales have traded 17.67 billion ADA in the last 24 hours.

However, the ‘In The Money’ metric is currently bearish as the number of addresses currently holding ADA at a profit has dropped to 17.59%. The crypto could face more downward pressure if the 77.34% addresses at a loss begin to sell their holdings in order cut their losses. $0.22 remains the most crucial support level for the Cardano price as 539,210 addresses bought 5.42 billion ADA at that level.

At the time of writing, the Cardano price is at around $0.35, up over 3% in the last 24 hours. Trading volume is down over 23%, with $237 million traded during this period.

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Boluwatife Adeyemi

Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across DeFi, NFTs, smart contracts, and blockchain interoperability, among others. Boluwatife has a knack for simplifying the most technical concepts and making it easy for crypto newbies to understand. Away from writing, He is an avid basketball lover and a part-time degen.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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What’s Keeping HMSTR Price Below $0.1?

Published

10 hours ago

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October 4, 2024

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The HMSTR price looks unlikely to hit $0.1 anytime soon, considering that over 60% of the token’s supply was put in circulation following the Hamster Kombat airdrop. The HMSTR token also continues to witness significant selling pressure, which has led to a price drop of over 50% from its current all-time high (ATH).

What Is Keeping Hamster Kombat Below $0.1

The token’s circulating supply of 64.37 billion HMSTR is mainly what is keeping its price below $0.1. A rise to $0.1 means that the Hamster Kombat will have a market cap of $6.43 billion. However, for now, such a market cap for the crypto token is unlikely possible, considering the crypto market’s total market cap.

For the HMSTR price to attain such a market cap, the broader crypto market will need to experience exponential growth. For context, only the fifteen largest crypto tokens by market cap currently boast a market cap of $6.4 million and above. As such, it is unlikely that HMSTR will witness a price surge to $0.1 anytime soon.

Moreover, Hamster doesn’t have any predefined burn mechanism in place. As such, the token remains inflationary and would only become less valuable as they release more tokens into circulation. Hamster released a whopping 64% of its total supply of 100 billion HSMTR upon launch. 60% of the supply went to the community.

This was a bold move, considering that a significant number of these community members were already likely to dump their tokens upon receipt of their airdrop. This ultimately created a situation whereby the token’s supply exceeded its demand, which contributed to the downward pressure it faced upon launch. Despite its heavy popularity, the Hamster Kombat downtrend has continued.

The HMSTR price is currently down over 50% from its current ATH of $0.01004. The token could once again witness a supply shock when season 2 of the Hamster airdrop ends. However, the season 2 airdrop campaign won’t end until Q1 of next year, meaning that the token’s price could achieve some stability before then.

HMSTR Price To Recover Like NOT Did?

Crypto analyst Crypto Hunter has raised the possibility of Hamster Kombat enjoying a similar price recovery as Notcoin. The NOT token fell by 80% following the Notcoin airdrop earlier this year. However, the token went on to record a 5x increase in price after its initial price decline.

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The analyst’s accompanying chart showed a similarity between both HMSTR and NOT’s price actions after their respective airdrops. In line, Crypto Hunter believes that Hamster Kombat has the potential to grow and rise above $0.01.

At the time of writing, HMSTR price is around $0.00479, up over 2% in the last 24 hours. However, trading volume is down by over 42%, with $78 million traded during this period.

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Boluwatife Adeyemi

Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across DeFi, NFTs, smart contracts, and blockchain interoperability, among others. Boluwatife has a knack for simplifying the most technical concepts and making it easy for crypto newbies to understand. Away from writing, He is an avid basketball lover and a part-time degen.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Shiba Inu Price Fluctuating After 14% Crash, Will It Breakout Soon?

Published

19 hours ago

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October 4, 2024

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The Shiba Inu meme cryptocurrency nabbed significant investor attention on Friday, fluctuating considerably after a 14% crash over the past week. Notably, the coin stretched its intraday gains to 5% recently despite the weekly charts showing a fall. This fluxing trajectory has stirred a whirlpool of speculation among investors surrounding SHIB’s price action ahead. Meanwhile, even the monthly chart illustrates that the coin is currently on an uptrend.

Crypto market enthusiasts speculate whether a breakout lies ahead for the meme-themed token in light of recent community developments and market trends.

Shiba Inu Price Fluxes Amid 14% Weekly Drop: Here’s What’s Happening

Shiba Inu weekly price chart illustrated a 14% crash as of October 4, whereas the token today rode a rollercoaster ride, gaining 5% to reach $0.00001679. Also, it’s worth noting that the monthly chart for SHIB price showcases gains worth 27%. This fluxing movement has sparked uncertain sentiments among crypto market traders and investors globally. However, on-chain metrics and recent market stats portray a bullish picture for the meme coin’s price ahead.

Notably, the Shiba Inu ecosystem has rolled out a stockpile of upgrades recently, revolutionizing the crypto’s stance within the broader market. The coin’s marketing lead Lucie recently shared that ‘Shib the Metaverse’ launch remains imminent. This development could be game-changing for the meme token’s ecosystem as users will be able to chat about fresh ideas, vote on essential proposals, and foster new strategies for the ecosystem’s future.

Meanwhile, in another monumental stride, the SHIB community hinted at a SHI stablecoin launch on Shibarium ahead. These developments, enhancing user offerings on the meme coin’s ecosystem, could bring a paradigm shift in the market sentiment surrounding the token.

On-Chain Data Adds Bullishness To Future Action

Meanwhile, adding to the optimism alongside community developments, on-chain metrics sparked significant optimism for the token’s future movements. A recent CoinGape Media report highlights that the meme coin’s community continues to register massive SHIB burns, with the supply continuously taking a hit. This further paves the path for a bullish breakout ahead, abiding by the law of supply and demand ahead.

Additionally, another report reveals that Shiba Inu whales have been active, moving 8.27 trillion coins recently. The colossal surge in large-scale investors partaking in trading SHIB hints at an optimistic sentiment for the token in the market. Besides, sentiments of an ‘Uptober’ rally have added to bullish projections for Shiba Inu’s future price actions. Altogether, despite price fluxes, crypto market enthusiasts portray a positive outlook for the dog-themed coin ahead.

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Coingape Staff

CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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