CoinWorld News reports that, according to The New Times, the Rwandan Parliament approved a draft law on May 5th to regulate virtual assets, 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 of unlicensed virtual asset service providers, who may face fines of up to approximately $68k. Individuals operating without a license could face fines ranging from about $21k to $34k, along with 3 to 5 years of imprisonment or both. Illegal payments, crypto ATMs, mining, and mixing services will also be subject to penalties.