2 entries.
Law nº 023/2026 of 25/05/2026 regulating virtual asset business was published in Rwanda's Official Gazette n° Special of 28/05/2026 and, under article 40, came into force that day with no transitional period. The Capital Market Authority is the Regulatory Authority, working with the National Bank of Rwanda on stability and payments (art. 8). Six criminal offences commenced with it, from FRW 15,000,000 for unlicensed marketing to FRW 150,000,000 for issuing virtual assets without approval, with personal liability for directors who mislead or obstruct the CMA (art. 37). Article 15(1) bars natural persons from virtual asset business outright. Licensing, capital thresholds, liquidity ratios and the whole administrative sanctions regime (art. 32) are deferred to regulations that had not been issued as of 1 September 2026, checked against the gazette index to 25 August and the CMA's own regulations, guidelines and directives pages. Firms are exposed under article 34 and cannot apply. Article 27(2)(b) ties every provider's personal data measures to Law 058/2021, already in force under the NCSA.
CMA Rwanda's chief executive presented the regulator's approach to tokenisation of financial assets at the Inclusive FinTech Forum in Kigali: securities tokenisation, real-world assets, and tokenised funds and derivatives, all framed under the existing Capital Markets Act rather than new legislation. The supporting infrastructure moved in parallel, with CSD Regulations issued 3 February and a draft Intermediary Service Platform Operator regulation out for consultation from 12 February. Formal tokenisation guidelines were expected Q2 to Q3 2026 with a licensing window signalled for H2. Rwanda is building a token-issuance jurisdiction methodically, and platforms wanting first-mover status should be watching the CMA rather than the headlines. Re-verified 6 July 2026: events overtook the existing-legislation framing. Law No. 023/2026 regulating virtual asset business was gazetted on 28 May, making the CMA lead regulator for virtual assets (cpm-2026-0023).
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