According to The New Times, the Rwandan Parliament approved a draft law on virtual asset regulation on May 5th, aiming to establish an official licensing and regulatory framework for cryptocurrencies and other digital assets. The report states that the Rwanda Capital Market Authority will serve as the primary regulator, with the National Bank responsible for coordinating supervision related to financial stability; companies operating virtual asset services without a license could face fines of up to approximately $68k, while individuals operating without a license could face fines ranging from about $21k to $34k, as well as 3 to 5 years of imprisonment or both. Illegal payments, crypto ATMs, mining, and mixing services will also be subject to penalties.