News 
January 3, 2025 
3 min. 
KuCoin, an online cryptocurrency exchange, has expanded its product line by launching the KuCoin Pay service. This enables businesses to accept crypto payments without requiring them to leave their KuCoin accounts. Users can also make payments by simply scanning a QR code or by using the app.
This new feature makes it possible for businesses to adopt crypto payments with ease and puts the crypto exchange on par with its other peers in the industry who are linking the sandbox of crypto and traditional payment systems. For example, in August, Flexa also launched a similar product that would be usable with vendors such as Chipotle, Mikimoto, Regal Cinemas, and 99 Ranch Market.
Wide Support for Cryptocurrencies
KuCoin Pay is capable of supporting 54 cryptocurrencies, having Bitcoin, Ethereum, USDT and USDC stablecoins as some of them. The merchants will not have issues using the tool as it integrates easily into their payment systems thus making it a suitable option to use in receiving crypto payments.
Several merchants have already signed up and are set to start using KuCoin Pay in January 2025. KuCoin hasn’t shared their names yet, but the rollout promises to bring crypto payments to more businesses soon.
KuCoin to Add 7.5% VAT on Nigerian Crypto Trades
Starting July 8, 2024, the crypto exchange will charge Nigerian users a 7.5% Value-Added Tax (VAT) on all transactions. This comes as part of a regulatory update in Nigeria, where crypto profits were already subject to taxes under the Finance Act of 2022.
The VAT will only apply to KuCoin’s 0.1% transaction fee. For instance, on a 1,000 USDT trade, the 0.1% fee is 1 USDT. The 7.5% VAT on that fee equals 0.075 USDT, leaving the user with 998.9 USDT. KuCoin has also paused P2P and fast-buy naira services in Nigeria for compliance reasons.
The crypto exchange’s new payment feature and regulatory updates show how the crypto industry is evolving. KuCoin Pay aims to make crypto payments more common in everyday life, while the VAT changes reflect the increasing regulation of digital assets. As KuCoin balances innovation with compliance, it’s helping to pave the way for broader adoption of cryptocurrencies in business and finance.
