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

ME News Report, May 10 (UTC+8), Rwanda’s lower house of parliament passed a virtual asset regulation bill aimed at standardizing 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 in prison and fines ranging from 30 million to 50 million Rwandan francs, with corporate fines reaching up to 100 million Rwandan francs. The Capital Markets Authority will serve as the primary regulatory body, working jointly with the National Bank of Rwanda to enforce the law. The bill must be signed by the president and published in the official gazette before it takes effect; detailed implementation rules will be issued after the law comes into force. (Source: MLion)