Regulatory AlertsRwanda: crypto & digital assets regulation
RegulatedRwanda: VASP licensing under Law 023/2026; NBR and CMAR supervise
- Lead regulator
- National Bank of Rwanda
- Also involved
- CMAR (securities/tokenization) · NFIU (AML/CFT)
- Core law
- Law No. 023/2026 Regulating Virtual Asset Business
- Entry capital
- —
- Approval timeline
- —
- Customer assets
- Licensed custodian required
- Data protection
- Data Protection Law · Data Protection Authority
- Sandbox
- —
Rwanda has enacted a comprehensive licensing regime for virtual asset businesses under Law No. 023/2026, effective May 2026. The National Bank of Rwanda (NBR) serves as the primary regulator, with the Capital Markets Authority Rwanda (CMAR) involved in specific securities-related aspects. The framework mandates licensing for core activities including exchange, custody, and token issuance, aiming to ensure financial stability and prevent illicit finance.
Which licence do you need?
| Your activity | Requirement | Capital | Timeline | Authority |
|---|---|---|---|---|
| Exchange / trading platform | LicenceVirtual Asset Business Licence[1][2] Mandated licensing under Law 023/2026 | — | — | National Bank of Rwanda |
| Custody of client assets | LicenceVirtual Asset Business Licence[1][2] Mandated licensing under Law 023/2026 | — | — | National Bank of Rwanda |
| Token issuance / public offering | LicenceVirtual Asset Business Licence[1] Defined as core activity requiring licensing | — | — | National Bank of Rwanda |
| Broker-dealer / OTC desk | Uncertainverify with regulator Not explicitly defined in provided texts | — | — | — |
| Stablecoin issuance | LicenceVirtual Asset Business Licence[1] Explicitly defined as core activity requiring licensing | — | — | National Bank of Rwanda |
| Crypto payments acceptance | Uncertainverify with regulator Not explicitly defined in provided texts | — | — | — |
| Mining / staking services | Uncertainverify with regulator Not explicitly defined in provided texts | — | — | — |
| Advisory / portfolio management | Uncertainverify with regulator Not explicitly defined in provided texts | — | — | — |
New — what changed recently
- 2026-05-28Law No. 023/2026 Regulating Virtual Asset Business — Enactment of comprehensive licensing framework for virtual asset businesses by Parliament.[1]
- 2026-05-25Law No. 023/2026 Regulating Virtual Asset Business — Promulgation of the law establishing regulatory powers and licensing mandates.[2]
- 2025-01-22Law 001/2025 on AML/CFT/CPF — Establishment of comprehensive legal framework for preventing money laundering and terrorist financing.[3]
Market-entry checklist
- 1Apply for VASP LicenceSubmit application to National Bank of Rwanda under Law 023/2026.
- 2Register with NFIUComply with AML/CFT obligations under Law 001/2025.
- 3Secure Capital Markets ApprovalConsult CMAR if activities involve tokenization or securities.
- 4Implement Data ProtectionEnsure compliance with Rwanda's Data Protection Law.