Rwanda's Law on Virtual Asset Business was published in the Official Gazette on 28 May 2026 and entered into force on the date of publication. The law establishes a licensing and oversight regime for virtual asset service providers and designates the Capital Market Authority (CMA) as the lead licensing authority. The National Bank of Rwanda (BNR) holds co-regulatory authority over systemic risk, payment systems, and financial stability aspects of the virtual asset sector. This is Rwanda's first enacted law specifically governing virtual asset activities.
The law restricts the provision of virtual asset services to incorporated legal entities holding a CMA licence; natural persons are prohibited from operating virtual asset service businesses. Penalties for unlicensed operation range from RWF 30 million to RWF 50 million and up to five years' imprisonment. The Capital Market Authority Act (Law No. 47/2019 of 15 August 2019) provides the underlying statutory authority for CMA regulatory action. The law covers exchange services, transfer services, safekeeping, and administration of virtual assets and instruments enabling control over them as defined regulated activities.
Virtual asset service providers currently operating in Rwanda must obtain a CMA licence before the grace period set by the authority expires. Companies in the fintech, crypto exchange, and digital payments sectors seeking to enter the Rwandan market must incorporate a local legal entity as a precondition to licensing. Banks and payment service providers regulated by the BNR that deal in virtual assets as incidental services must confirm with the BNR whether those activities fall within CMA jurisdiction, BNR jurisdiction, or concurrent oversight.
The CMA and BNR have not yet published licensing procedures, capital requirements, liquidity ratios, or supervisory mechanism regulations, so businesses cannot yet determine the exact requirements for obtaining licences or meeting compliance obligations. A regulatory sandbox jointly managed by the CMA and BNR permits firms to test new virtual asset products under regulatory supervision before applying for a full licence. Application procedures and acceptance criteria for the sandbox have not been published as of the date of this post.
Licentium advises crypto businesses and digital asset service providers on East African regulatory entry strategy, covering Rwanda, Kenya, and Tanzania licensing requirements. We may advise on this matter or refer you to our partner network for East African regulatory counsel. Work we undertake includes CMA and BNR licensing analysis, regulatory sandbox applications, corporate structuring for East African market entry, and VASP compliance programme design.
Source: The New Times / Official Gazette of Rwanda, Law on Virtual Asset Business, 28 May 2026