Rwanda’s Parliament Passes Virtual Asset Regulation Bill, with Maximum Fine of 100 Million Rwandan Francs for Unauthorized Operations

According to the New Era newspaper, Rwanda’s lower house of parliament passed a virtual asset regulation bill on May 5, aiming to regulate cryptocurrency transactions, protect investors, and maintain financial system stability. The bill stipulates that individuals operating virtual asset businesses without authorization face imprisonment for three to five years and fines ranging from 30 million to 50 million Rwandan francs; enterprises may be fined up to 100 million Rwandan francs. The Capital Markets Authority will serve as the primary regulatory body, coordinating enforcement efforts with the National Bank of Rwanda. The bill is currently pending presidential assent and publication in the Official Gazette before it enters into force. Detailed implementing regulations will be formulated after the law takes effect.