Rwanda Capital Markets Authority consults on virtual asset issuance and service provider licensing rules

The Rwanda Capital Markets Authority (CMA) has opened consultation on two draft regulations covering virtual asset issuance and admission to trading, alongside licensing, operations and supervision of virtual asset service providers (VASPs). Developed in consultation with the National Bank of Rwanda, the proposals would implement the virtual asset business law enacted on May 25, 2026, following consultation on the draft law in 2025. Issuers would need CMA approval and approved white papers. Stablecoins would require at least 100% reserve backing, rising to 120% for those backed by pools of reserve assets, and redemption at par without fees within two working days. Tokens representing real world assets would require full collateralization, independent valuation and segregated custody of underlying assets. Retail investors would have five business days to withdraw from primary issuance purchases, with refunds subject only to approved, disclosed charges. VASPs operating in or targeting Rwanda would need licences specific to their activities, and exchange, brokerage and custody licences could not be combined. Minimum paid capital would range from RWF 40 million for investment advisers to RWF 600 million for exchanges and custodians, with higher amounts where requirements based on annual overheads apply. Custodians would hold at least 80% of client virtual assets in cold storage and protect client holdings from creditor claims in insolvency. Providers would use blockchain analytics to monitor transactions, while travel rule requirements would mandate originator and beneficiary information for every virtual asset transfer, regardless of value. Cybersecurity and material operational incidents would require notification to CMA and affected customers within two hours, followed by an incident report within 24 hours.