Crypto glossary for South Africa
The terms our South Africa pages use, in plain words. Definitions carry no fees or dates; each links to the page that holds the current figures, and regulatory terms link to the official document they follow.
Updated 27 September 2026 · 39 terms
Rules and regulators
- Accountable institution
A business listed in Schedule 1 to the Financial Intelligence Centre Act. It must identify and verify its clients, keep records and report suspicious transactions to the Financial Intelligence Centre. Crypto asset service providers are on the list.
More: How KYC works on South African exchanges · Source: FIC: Public Compliance Communication 57 on crypto asset service providers
A bank or other institution authorised by National Treasury to deal in foreign exchange. Transfers abroad under the single discretionary and foreign capital allowances go through one.
Source: SARB: Currency and Exchanges guidelines for individuals
- CASP (crypto asset service provider)
A business that, for or on behalf of clients, exchanges crypto assets for money or for other crypto assets, transfers them between addresses or accounts, keeps or administers them, or provides financial services around a token's offer or sale. In South Africa it needs an FSCA licence for advice or intermediary services and is an accountable institution under the FIC Act.
More: FSCA-licensed crypto exchanges · Source: FIC: Public Compliance Communication 57 on crypto asset service providers
- Crypto asset
A digital representation of value that is not issued by a central bank, can be traded, transferred or stored electronically for payment, investment or other uses, applies cryptographic techniques and uses distributed ledger technology. This is the definition in the FSCA's declaration that made crypto assets a financial product.
More: Is crypto legal in South Africa? · Source: FSCA: declaration of a crypto asset as a financial product (General Notice 1350 of 2022)
- Exchange control
The rules on money and assets leaving or entering South Africa, set in the Exchange Control Regulations and administered by the South African Reserve Bank's Financial Surveillance Department. The Reserve Bank says that using crypto bought in South Africa to take capital abroad without permission is a criminal offence.
More: Exchange control and crypto · Source: SARB Financial Surveillance Department: frequently asked questions
- FAIS Act
The Financial Advisory and Intermediary Services Act, under which the FSCA licenses financial services providers. Crypto assets are a financial product under it, so crypto advice and intermediary services need a licence.
More: Is crypto legal in South Africa? · Source: FSCA: declaration of a crypto asset as a financial product (General Notice 1350 of 2022)
- FIC (Financial Intelligence Centre)
South Africa's financial intelligence unit. It administers the Financial Intelligence Centre Act, receives reports from accountable institutions and issues directives to them, such as the travel rule for crypto transfers.
- Foreign capital allowance
A further yearly amount a resident individual may invest abroad through an authorised dealer once SARS has confirmed their tax compliance with a PIN. The Reserve Bank's FAQ lists it with the single discretionary allowance as a way to buy crypto assets abroad.
More: Exchange control and crypto · Source: SARB: Currency and Exchanges guidelines for individuals
- FSCA (Financial Sector Conduct Authority)
The regulator that licenses and supervises financial services providers, including crypto asset service providers, and publishes the list of licensed ones. It also supervises their anti-money-laundering compliance.
More: FSCA-licensed crypto exchanges · Source: FSCA: regulated entities
- FSP number
The number the FSCA gives a licensed financial services provider. It belongs to one company, so check the number and the company's legal name on the FSCA's list rather than the brand name.
- KYC (know your customer)
The identity checks a platform must do before it serves you: usually an identity document, a selfie or liveness check and sometimes proof of address. In South Africa it is often called FICA verification, after the Financial Intelligence Centre Act.
- Legal tender
Money that must be accepted as payment: in South Africa, the banknotes and coins issued by the Reserve Bank. Crypto assets are not legal tender, so a merchant may refuse them.
Source: SARB Financial Surveillance Department: frequently asked questions
- Single discretionary allowance
An amount a South African resident individual aged eighteen or older may send abroad each calendar year through an authorised dealer. The Reserve Bank says it may be used to buy crypto assets abroad; the current amount is in its guidelines for individuals.
More: Exchange control and crypto · Source: SARB: Currency and Exchanges guidelines for individuals
- Travel rule
The duty of crypto asset service providers to send the sender's and the recipient's details with each crypto transfer. In South Africa it is FIC Directive 9, and platforms may hold or return transfers that arrive without the details.
More: The travel rule questions Luno and VALR ask · Source: FIC Directive 9: travel rule relating to crypto asset transfers
Getting rand in and out
- Capitec Pay and Absa Pay
Payment methods in Capitec's and Absa's banking apps that let you approve a payment without typing in banking details. Some crypto platforms accept them for rand deposits, for a fee; we describe them as the platforms do.
- Deposit reference
The code a platform gives you to put on a bank transfer so it can match the money to your account. A missing or wrong reference is a common reason a deposit does not show.
- EFT (electronic funds transfer)
An ordinary bank transfer from your banking app to the platform's bank account, with its reference. It is usually free at the platform but can take business days to reflect, depending on the banks.
- Instant EFT (pay-by-bank)
A deposit made by logging in to your bank through a payment provider and approving the payment there, so it reflects within minutes rather than days. Platforms usually charge a percentage for it.
- RTC (real-time clearing)
A bank payment that clears within minutes between participating banks. Some exchanges use it for paid same-day rand withdrawals.
More: How to withdraw crypto to a South African bank account
Trading and prices
- Instant buy
A one-tap buy or sell screen that fills at a quoted price. It is simpler than the order book and usually costs several times more than an order-book trade.
- Maker and taker fees
A maker order waits on the order book at a price you set; a taker order fills at once against an order already there. Most exchanges charge makers less, and fees fall as your trading volume rises.
- Order book
The live list of buy and sell orders for a trading pair. A market order takes the best price on the book; a limit order waits on it until someone takes it.
- Quote-based pricing
The platform shows you one price to buy or sell and builds its cost into that price, the spread, instead of charging a separate trading fee. A quote screen that shows no fee is not free.
More: Ovex profile
- Spread
The gap between the price at which you can buy and the price at which you can sell at the same moment. On a quote screen it is where the platform earns.
- Trading pair
Two assets traded against each other, written like BTC/ZAR (bitcoin priced in rand) or BTC/USDT (bitcoin priced in USDT). Exchanges can charge different fees for different kinds of pair.
More: USDT/ZAR fees compared
Sending crypto
- Network (blockchain)
The blockchain a token moves on. The same token can exist on several networks, and the sender and the receiver must use the same one, or the transfer can be lost.
- Stablecoin
A crypto asset designed to keep a steady value against a currency, usually the US dollar. It is issued by a private company, is not legal tender and can trade below its target.
- TRC-20 and ERC-20
Token standards on the Tron and Ethereum networks. 'USDT on TRC-20' means USDT sent over Tron; which networks a platform supports, and what each costs, differs by platform.
- USDT (Tether)
A US-dollar stablecoin issued by Tether. It exists on several blockchain networks, so you choose the network when you send or receive it.
- Withdrawal (network) fee
What a platform charges to send crypto out. It is either fixed per network or quoted when you confirm, and a platform may charge more than it pays the network.
Labels used on this site
- Data confidence
How much of our core checklist for an exchange is documented on current official sources, shown as High, Medium or Low. It is not a quality, safety or recommendation score.
More: Data confidence
- Data under review
A profile whose core facts are not verified yet. It stays out of public listings and tools until they are.
More: Methodology
- Needs re-check
The value was verified but has passed its re-check window, so it is no longer shown as current until it is read again.
- Needs review
Two official statements disagree, so the value is kept out of rankings and tools until the editor resolves it.
More: Methodology
- Not applicable
The concept does not exist at that platform, such as maker and taker fees on a quote-based service. It is never shown as zero.
More: Methodology
- Partially verified
The value comes from an official page, but something about it is not settled, for example the page predates a change or its scope is unclear. The note next to the value says what.
More: Methodology
- Re-check date
The first day a verified value is past its re-check window. Windows depend on the kind of fact, and the open data files give each value its date.
- Unknown
We did not find the value on an official page, so we show no figure rather than an estimate.
More: Methodology
- Verified
We read the value on the official page and recorded its address and the date. It counts as current only until its re-check date.
More: Methodology