Terms of service.

REAL VIRTUAL ASSET VENTURE (PTY) LTD TERMS OF SERVICE (Ver 1.1)

IMPORTANT NOTICE These Terms of Service constitute a legally binding agreement between: • REAL VIRTUAL ASSET VENTURE (PTY) LTD (registration number 2024 / 767369 / 07) (“REAL VIRTUAL ASSET VENTURE”, “we”, “our”, “us”), a private company incorporated in the Republic of South Africa and a juristic representative of FINCOR SELECT (PTY) LTD, an authorised Category 1 Financial Services Provider (FSP No. 36046) licensed by the Financial Sector Conduct Authority (“FSCA”); and • the natural or juristic person who accesses or uses the Services (“you”, “your”, “User”).

By accessing or using any Service, you acknowledge that you have read, understood and agreed to be bound by these Terms, including all policies referenced herein (collectively, the “Agreement”). If you do not agree, do not use the Services.

Crypto assets are highrisk, unregulated (in respect of certain activities) and may lose all value. You should obtain independent professional advice before dealing in crypto assets.

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1 DEFINITIONS “Account”               

A User account created with REAL VIRTUAL ASSET VENTURE for access to the Services.
“Applicable Law”   Any law, regulation, directive, notice, guidance, rule or requirement issued by a competent authority and binding in the Republic of South Africa, including but not limited to the FAIS Act 37 of 2002, the Financial Intelligence Centre Act 38 of 2001 (“FICA”), the Protection of Personal Information Act 4 of 2013 (“POPIA”), the Electronic Communications and Transactions Act 25 of 2002 (“ECTA”), the Consumer Protection Act 68 of 2008, the Companies Act 71 of 2008, any FSCA Board Notices and Guidance, the Exchange Control Regulations, and the Financial Sector Regulation Act 9 of 2017.
“CASP”                  

A CryptoAsset Service Provider as defined in FAIS Board Notice 90 of 2022.
“Crypto Asset”    

A digital representation of value that is not issued by a central bank but is traded, transferred or stored electronically for payment, investment or other purposes.
“Exchange Order” An instruction submitted via the Platform to exchange one Crypto Asset for another or for fiat currency.
“Fees”                    

All charges published on the Platform or disclosed to you before you confirm an Exchange Order.
“Platform”              

The web application, mobile application, APIs and any other technology through which REAL VIRTUAL ASSET VENTURE provides the Services.
“Prohibited Jurisdiction” Any jurisdiction listed in clause 10.3.
“Services”               

The CryptoAsset exchange, transfer, custody and related services offered by REAL VIRTUAL ASSET VENTURE as described in clause 4.

Terms defined in the singular include the plural and vice versa.

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2 REGULATORY STATUS 

2.1 REAL VIRTUAL ASSET VENTURE renders cryptoasset related financial services as a juristic representative of Fincor Select (Pty) Ltd in terms of section 13 of the FAIS Act. All such services fall under Fincor Select’s licence (FSP 36046).
2.2 REAL VIRTUAL ASSET VENTURE is registered with the Financial Intelligence Centre as an accountable institution (FICA Schedule 1, Item 22).
2.3 REAL VIRTUAL ASSET VENTURE is not a bank, deposittaking institution or collective investment scheme. Crypto Assets are not legal tender, not protected by the Deposit Insurance Fund and not guaranteed by any government.

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3 ELIGIBILITY 

3.1 To open and maintain an Account you must:

(a) be at least 18 years old;
(b) have full legal capacity to enter into binding agreements;
(c) be a resident of South Africa or have a verifiable South African connection, including valid proof of residence, business presence, or government-approved permit;
(d) not be subject to sanctions administered by the United Nations, the Republic of South Africa, or other applicable authorities; and
(e) successfully complete REAL VIRTUAL ASSET VENTURE’s Know-Your-Client (KYC) and Customer Due Diligence procedures.

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4 DESCRIPTION OF SERVICES 

4.1 REAL VIRTUAL ASSET VENTURE renders crypto-asset related financial services as a juristic representative of Fincor Select (Pty) Ltd (FSP 36046) in terms of the Financial Advisory and Intermediary Services Act.

4.2 The Services provided by REAL VIRTUAL ASSET VENTURE are limited to:

  • facilitating the purchase or sale of crypto assets owned by REAL VIRTUAL ASSET VENTURE;

  • facilitating the conversion of crypto assets to South African Rand (ZAR) and vice versa;

  • acting as an intermediary in crypto-asset transactions between the User and external liquidity providers where applicable; and

  • providing supporting tools such as transaction reporting and pricing information.

4.3 REAL VIRTUAL ASSET VENTURE does not operate as a public cryptocurrency exchange or trading venue, and does not provide peer-to-peer trading, order-book exchange services, or brokerage between Users.

4.4 All transactions are conducted in accordance with REAL VIRTUAL ASSET VENTURE’s internal Risk Management and Compliance Programme (RMCP) and applicable South African legislation.

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5 ACCOUNT OPENING & KYC 

5.1 You must complete all onboarding steps, including identity verification, proof of address, sourceoffunds and ongoing monitoring, as required by FICA and REAL VIRTUAL ASSET VENTURE’s internal riskbased policies.
5.2 REAL VIRTUAL ASSET VENTURE may request additional information at any time. Failure to comply may result in suspension or termination.
5.3 You authorise REAL VIRTUAL ASSET VENTURE to make any enquiries, directly or through third parties, to verify your identity.

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6 EXCHANGE ORDERS & EXECUTION 

6.1 An Exchange Order constitutes a binding offer. Once you confirm, it cannot be cancelled except where allowed under clause 6.4.
6.2 Rates are displayed inclusive of Fees and are valid for 15 minutes unless otherwise stated.


6.3 If we receive a payment that is less or more than the confirmed amount, REAL VIRTUAL ASSET VENTURE may (a) adjust the Exchange Order to the amount actually 

received at the prevailing Rate, or (b) return the excess or deficit (if technically feasible), less network fees.
6.4 REAL VIRTUAL ASSET VENTURE reserves the right to refuse, reverse or cancel any Exchange Order where:
   (a) we suspect the transaction is linked to money laundering, terrorism financing, fraud or other illicit activity;
   (b) the Rate displayed was an obvious error; or
   (c) required by Applicable Law, a court order or a regulatory authority.

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7 FEES & PAYMENTS 

7.1 Current Fees are published on the Platform and/or disclosed prior to transaction confirmation.
7.2 Fees are automatically deducted from the amount exchanged or debited separately.
7.3 All blockchain network fees are borne by you unless expressly waived.

7.4   All fiat payments to REAL VIRTUAL ASSET VENTURE must be made via electronic funds transfer (EFT) from a bank account held in the name of the User.

REAL VIRTUAL ASSET VENTURE does not accept cash deposits, anonymous payment methods, or third-party payments.

Any payment received from a third party or from an unidentified source may be rejected, returned, or reported in accordance with applicable law.

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8 RESTRICTED JURISDICTIONS & ACTIVITIES 

8.1 The Services are intended primarily for clients located within the Republic of South Africa.

8.2 REAL VIRTUAL ASSET VENTURE may, at its discretion, permit certain foreign clients to access the Services only where a verified South African connection exists, and where enhanced due diligence has been completed in accordance with REAL VIRTUAL ASSET VENTURE’s AML/CFT policies.


8.3 The following jurisdictions are Prohibited Jurisdictions: Afghanistan, Belarus, Central African Republic, Crimea, Cuba, Democratic Republic of the Congo, Iran, Iraq, Lebanon, Libya, Myanmar, North Korea, Russia, Sudan, Syria, United States of America (including its territories), Venezuela and any jurisdiction subject to comprehensive sanctions. REAL VIRTUAL ASSET VENTURE may update this list at any time.

8.4   REAL VIRTUAL ASSET VENTURE does not facilitate cross-border fiat transfers.
Transactions involving international elements may only occur where permitted by law and where sufficient customer due diligence has been completed.

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9 RISK DISCLOSURE 

9.1 Crypto Assets are volatile and may lose all value. Past performance is not indicative of future results.
9.2 Transactions are irreversible once recorded on a blockchain. Incorrect addresses or tags may result in permanent loss.
9.3 Regulatory changes may adversely affect the value or legality of Crypto Assets.
9.4 You acknowledge that you have been warned of the risks and accept full responsibility.

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10 TAXES 

You are solely responsible for determining and paying any taxes arising from your activities. REAL VIRTUAL ASSET VENTURE does not provide tax advice. Transaction histories are available for download to assist with tax reporting.

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11 DATA PROTECTION 

11.1 REAL VIRTUAL ASSET VENTURE processes personal information in accordance with POPIA and its Privacy Notice (available on the Platform).
11.2 By using the Services, you consent to such processing, international data transfers and disclosure to thirdparty service providers for identity verification, fraud detection and similar purposes.

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12 INTELLECTUAL PROPERTY 

All logos, trademarks, software and content displayed on the Platform are owned by or licensed to REAL VIRTUAL ASSET VENTURE. You may not copy, modify, distribute or create derivative works without our prior written consent.

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13 SUSPENSION & TERMINATION 

13.1 REAL VIRTUAL ASSET VENTURE may suspend, restrict or terminate your access immediately if we believe you have breached this Agreement, Applicable Law, or if required by a competent authority.
13.2 You may close your Account at any time provided that (a) no outstanding disputes exist and (b) all balances are withdrawn. Certain provisions will survive termination (e.g. liability, dispute resolution).

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14 LIMITATION OF LIABILITY 

14.1 To the fullest extent permitted by law, REAL VIRTUAL ASSET VENTURE, its directors, officers, employees and representatives shall not be liable for any indirect, consequential, punitive or special loss, including loss of profits, data, goodwill or opportunity.
14.2 REAL VIRTUAL ASSET VENTURE’s aggregate liability in any 12month period shall not exceed the total Fees paid by you to REAL VIRTUAL ASSET VENTURE in that period.
14.3 Nothing in this Agreement limits liability for fraud, gross negligence or any liability that cannot be excluded under South African law.

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15 FORCE MAJEURE 

REAL VIRTUAL ASSET VENTURE shall not be responsible for any delay or failure to perform resulting from events beyond its reasonable control, including but not limited to acts of God, power failure, war, civil unrest, cyberattacks, labour disputes, changes in law or blockchain network congestion.

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16 COMPLAINTS & DISPUTE RESOLUTION 

16.1 Internal complaints procedure. If you are dissatisfied with the Services, please contact our MLRO at admin@fincor.ai  or via the inapp chat. Provide your name, Account email, transaction reference (if applicable) and a brief description of the complaint. We will acknowledge receipt within 2-5 Business Days and endeavour to resolve the complaint within 15 Business Days. 

16.2 Escalation to Fincor Select. As REAL VIRTUAL ASSET VENTURE acts under Fincor Select’s licence, you may refer an unresolved complaint to Fincor Select (Pty) Ltd – Complaints Department, info@fincor.co.za. 

16.3 FAIS Ombud. If your complaint relates to a financial service and remains unresolved after 6 weeks, or if you are dissatisfied with the outcome, you may lodge a complaint with the Office of the FAIS Ombud (contact details at www.faisombud.co.za) within 6 months. 

16.4 Arbitration. Any dispute that cannot be resolved through the above process shall be referred to confidential arbitration under the Arbitration Foundation of Southern Africa (“AFSA”) rules. The tribunal shall consist of one arbitrator with expertise in cryptoasset law. The seat of arbitration shall be Johannesburg, South Africa. The language shall be English. The arbitrator’s award shall be final and binding and may be made an order of any competent court.

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17 ANTI-MONEY LAUNDERING AND COUNTER-TERRORIST FINANCING

17.1 REAL VIRTUAL ASSET VENTURE is an Accountable Institution under Schedule 1, Item 22 of the Financial Intelligence Centre Act (FICA).

17.2 All Users must comply with REAL VIRTUAL ASSET VENTURE’s AML/CFT requirements, including:

  • providing accurate and complete identity information;

  • completing identity verification and proof-of-address procedures;

  • providing source-of-funds information where requested; and

  • cooperating with ongoing monitoring and enhanced due-diligence processes.

17.3 REAL VIRTUAL ASSET VENTURE reserves the right to:

  • suspend or terminate any Account;

  • freeze or block transactions or funds; and

  • file Suspicious Transaction Reports with the Financial Intelligence Centre

where required under applicable law or where suspicious activity is detected.

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18 MODIFICATIONS TO THE TERMS 

18.1 REAL VIRTUAL ASSET VENTURE may amend these Terms by posting the revised version (with a new “Last updated” date) on the Platform. Changes will take effect 14 days after posting unless a shorter period is required by law. Continued use of the Services after the effective date constitutes acceptance.

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19 GOVERNING LAW & JURISDICTION 

This Agreement is governed by the laws of the Republic of South Africa. Subject to clause 16, you consent to the nonexclusive jurisdiction of the High Court of South Africa.

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20 NOTICES 

20.1 Notices to REAL VIRTUAL ASSET VENTURE must be sent by email to team@rvavcrypto.com and will be deemed received on the next Business Day. REAL VIRTUAL ASSET VENTURE may give notices by email to your registered email address or by posting on the Platform.

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21 SEVERABILITY 

If any part of this Agreement is found unenforceable, the remainder will remain in full force and effect.

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22 ASSIGNMENT 

You may not assign or transfer any rights or obligations under this Agreement without REAL VIRTUAL ASSET VENTURE’s prior written consent. REAL VIRTUAL ASSET VENTURE may assign its rights and obligations to an affiliate or successor in connection with a merger, acquisition or sale of assets.

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23 ENTIRE AGREEMENT 

These Terms, together with the Privacy Notice and any additional policies or agreements referenced herein, constitute the entire agreement between you and REAL VIRTUAL ASSET VENTURE and supersede all prior understandings.

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24 CONTACT INFORMATION 

REAL VIRTUAL ASSET VENTURE (PTY) LTD
Registration No. 2024 / 767369 / 07
Email: team@rvavcrypto.com  
Website: www.rvavcrypto.com 

Annexure A: Terms of Service Maintenance Process

Responsibility

The Compliance Officer (MLRO) is responsible for overseeing the maintenance, review, and update of the Terms of Service.

Responsibilities include:

  • Monitoring changes in legislation, regulatory guidance, and supervisory expectations.

  • Ensuring the Terms remain aligned with the RMCP and internal policies.

  • Reviewing the Terms for legal and operational accuracy.

  • Coordinating updates with management and external advisors where required.

  • Maintaining version control and records of amendments.

Review Frequency

The Terms of Service will be reviewed:

  • At least annually, and

  • Whenever a material change occurs, including but not limited to:

    • Changes to legislation or regulatory requirements (e.g., FICA, FAIS, POPIA).

    • Changes to the business model, products, or services offered.

    • Changes to onboarding procedures or AML/CFT controls.

    • Changes to operational processes, payment methods, or transaction flows.

    • Changes to risk exposure identified in the RMCP.

Review Procedure

The review process will follow these steps:

  • Regulatory Monitoring
    The Compliance Officer monitors regulatory updates, directives, and industry guidance.

  • Operational Assessment
    The Terms are assessed against:

    • the RMCP,

    • internal policies,

    • operational procedures, and

    • actual service delivery practices.

  • Compliance Verification
    The Compliance Officer verifies that the Terms remain compliant with applicable legislation and supervisory expectations.

  • Draft Amendments
    Where changes are required, updated clauses are drafted and documented.

  • Management Approval
    Proposed amendments are submitted to senior management or the Key Individual for review and approval.

  • Implementation
    Once approved, the revised Terms are:

    • published on the platform or website,

    • applied to new users immediately, and

    • communicated to existing users.

Client Notification

Where material amendments are made:

  • Users will be notified through email, or platform notice, or website publication.

  • Updated Terms will indicate the “Last Updated” date.

  • Continued use of the Services after the effective date constitutes acceptance of the revised Terms.

Version Control

REAL VIRTUAL ASSET VENTURE maintains a Terms of Service register which includes:

  • Version number

  • Date of amendment

  • Summary of changes

  • Approval authority

  • Effective date

Previous versions of the Terms are retained for audit and regulatory purposes.

Alignment with the RMCP

The Terms of Service Maintenance Process forms part of the broader compliance framework and must remain consistent with the Risk Management and Compliance Programme (RMCP) and all internal AML/CFT policies.