Rwanda Unveils Virtual Asset Regulation Draft, Aiming for Greater Oversight
Rwanda has introduced a draft law to regulate virtual assets, with the Capital Markets Authority (CMA) designated as the key regulatory body.
The framework aims to foster innovation while addressing risks like money laundering. As highlighted by the Financial Action Task Force (FATF). The draft, released on March 6, prohibits using virtual assets as legal tender or for payments within Rwanda and restricts activities like crypto mining and virtual asset ATMs. Businesses offering virtual asset services must seek CMA approval. Once the regulations are finalized. The CMA will oversee fraud complaints and further enforcement.
Clever Robot News Desk 12th March 2025
