The Rwandan Parliament passes the Virtual Assets Regulation Bill, with a maximum fine of 100 million Rwandan francs for unlicensed operations.

Mars Finance News: The Lower House of the Rwandan Parliament passed the Virtual Asset Regulatory Bill on May 5th, aimed at regulating cryptocurrency trading, protecting investors, and maintaining financial system stability. The bill stipulates that individuals operating virtual asset businesses without authorization will face 3 to 5 years of imprisonment and fines ranging from 30 million to 50 million Rwandan francs, while companies could be fined up to 100 million Rwandan francs. The Capital Markets Authority will serve as the primary regulatory body, working in coordination with the National Bank of Rwanda for law enforcement. The bill is currently awaiting the president’s signature and official publication before it can take effect; detailed implementation rules will be formulated separately after the law comes into force.