Simplex offers payment processing services for a few platforms that specialize selling NFT’s.
NFT’s (Non-Fungible Tokens) are classified and considered as “digital goods”, whereas the purchase of NFT’s itself can be considered as a “digital service”.
Based on international regulations, when buying electronically supplied goods or services online, value added tax (VAT) is due.
As being an officially registered financial institution in the EU, Simplex must comply with regulations and apply VAT for the purchase of digital goods through our partner platforms.
Although the fee varies per country based on the purchasers location and can be as high as 27%, VAT for NFT purchases through Simplex is set to an average of 10%.
The VAT is included in the final price of the NFT displayed, alongside the usual fees for the payment processing.
More information about our processing fees can be found here.