If you are tax resident in South Africa, SARS taxes your worldwide crypto disposals, including trades on an offshore exchange like KuCoin. Where the exchange is based does not change what you have to declare. Selling, swapping between coins, and spending crypto are disposals, and each needs a rand value and a base cost.
Whether a gain counts as revenue or capital depends on how and why you trade, not on the platform. That, together with the annual exclusion, FIFO base cost and record-keeping, is covered in our guide to how SARS taxes crypto in South Africa. What follows here is the KuCoin-specific part: creating an API key with General permission, exporting your history, and what Coinfig does with it.
Connect KuCoin with an API key
Coinfig has a direct KuCoin API connection. KuCoin keys come with a passphrase that you choose yourself, so Coinfig asks for three things: the key, the secret and the passphrase.
- Log in at kucoin.com, click your avatar, and choose API Management from the drop-down menu.
- Click Create API and choose API Trading.
- Enter a name for the key and an API passphrase. The passphrase is one you invent, not your KuCoin password. Write it down, because KuCoin cannot show it to you again.
- Give the key the General permission only. Do not add spot, margin or futures trading.
- Complete the security check (trading password, email code and Google 2FA code) and confirm.
- Copy the key and secret, then paste them into Coinfig together with your passphrase.
KuCoin says a key with only General permission has no expiry limit, so you will not need to recreate it each year.
Official guide: How to create API
How to export your KuCoin history
For older activity, or if you prefer files, export from the website.
- Sign in on the KuCoin website and go to the Order Center.
- Click Export.
- Choose the data type. For tax you want spot orders, deposit and withdrawal records, and convert orders, plus margin orders if you used margin.
- Set the market, time range and time zone, choose CSV as the file format, then click Confirm. Each export covers at most one year, so create one per year of history.
- KuCoin notifies you by SMS, email or an on-site message when the file is ready. Download it from Orders, then Export, then Recent Exports.
KuCoin allows 20 exports per user each month, and each download link stays valid for 30 days. Only filled or partly filled orders are included, which is what a tax calculation needs.
Official guide: How to export account history
What to declare to SARS from KuCoin
- Every disposal, including coin-to-coin swaps and converts, at its rand value on the day.
- Base cost for each coin you disposed of, which may come from a purchase on another exchange.
- Rewards from earn or staking products, as income at their rand value when received.
- Transfers between KuCoin and your other accounts, documented so they are not counted as sales.
How Coinfig handles KuCoin
- Imports trades, deposits and withdrawals through the API, or from your KuCoin export files.
- Converts every amount to rand at the time of the transaction.
- Works out base cost with the FIFO method across KuCoin and every other source you add.
- Matches KuCoin withdrawals to deposits on your other exchanges and wallets.
- Runs a completeness check that flags gaps, such as history older than the API returns, before you rely on the figures.
Coinfig is a calculation and reporting tool, not a tax adviser. For complex treatment questions, have a qualified practitioner review the output.
Frequently asked questions
What is the KuCoin API passphrase?
It is a password you create for the API key when you make it. It is not your KuCoin login password. Coinfig needs it together with the key and secret, and KuCoin cannot recover it if you lose it.
Which KuCoin permission does Coinfig need?
General only. It lets the key read your account, orders, deposits and withdrawals. Coinfig never asks for trading or withdrawal permissions.
Does the API cover my whole KuCoin history?
Not always. If you traded a long time ago or the connection misses some activity, add Order Center exports for the earlier years, and the completeness check will show whether anything is still missing.
Is KuCoin taxed differently because it is offshore?
No. Tax residency decides your obligation, not where the exchange is based. South African tax residents generally declare worldwide crypto gains. The practical difference is converting values to rand and matching transfers to your local exchanges.
Get started on Coinfig to connect KuCoin or upload your exports, check for gaps, and generate the figures for your return.
This article is general information, not tax advice. Crypto tax outcomes depend on your specific circumstances. For complex situations, consult a qualified tax practitioner.