Rwanda's Parliament Approves Virtual Asset Regulation Bill

Rwanda's lower house of parliament has approved a bill on May 5 aimed at regulating virtual asset transactions, protecting investors, and maintaining financial system stability. According to Foresight News, the legislation stipulates that individuals operating virtual asset businesses without authorization could face imprisonment of three to five years and fines ranging from 30 million to 50 million Rwandan francs. Companies could be fined up to 100 million Rwandan francs. The Capital Markets Authority will serve as the primary regulatory body, working in coordination with the National Bank of Rwanda for enforcement. The bill awaits the president's signature and will take effect once published in the official gazette. Detailed implementation guidelines will be developed after the law comes into force.