Back to Analyses

Rwanda

Retail_Trading_Status

Gray-Zone Unknown
Edit

Status Changed

Previous status: In-Progress

Okay, as a specialized financial regulatory analyst, I've reviewed both the "Previous Analysis" and the "New Analysis" for the Retail_Trading_Status in Rwanda, both dated 2025-06-26. Here's a detailed breakdown of the changes that occurred in the analysis result: **Overall Summary of Changes:** The "New Analysis" refines and slightly reorganizes the information presented in the "Previous Analysis." While the "Most Accurate Current Status" remains "In-Progress" and the core narrative about the draft law is consistent, the "New Analysis" introduces more specific details about existing AML/KYC frameworks, adds new supporting quotes, and features a significantly updated list of source URLs. It also omits the previous mention of Rwanda's exploration of a Central Bank Digital Currency (CBDC) from the main narrative. The language in the "New Analysis" sometimes offers a slightly more nuanced or updated perspective on the events, even with the same reporting date. **Detailed Changes Section by Section:** **1. Most Accurate Current Status:** * **No Change:** Remains "In-Progress" in both analyses. **2. Detailed Narrative Explanation:** * **Opening Statement:** * **Previous:** Focuses on Rwanda "establishing a regulatory framework" and a "shift towards regulation." * **New:** Describes Rwanda's stance as being in a "transitional phase" and clarifies that trading is "not explicitly banned for individuals" but characterized by NBR warnings. This provides a slightly more nuanced initial context. * **Introduction of Draft Law:** * **Previous:** States CMA and NBR "announced the enforcement of a draft law... released on March 6, 2025." * **New:** States NBR and CMA "announced plans and subsequently introduced a draft regulatory framework... made public in March 2025 for public consultation." The "enforcement" language is softened to "introduced," and the specific date "March 6" is omitted, while "public consultation" is highlighted. * **Key Aspects of Developing Regulatory Landscape (New Structure):** * The "New Analysis" introduces a clear bulleted list for key aspects, enhancing readability. * **Existing AML/KYC Framework:** This is a significant addition in the "New Analysis." It explicitly mentions "Law No. 54/2018" and names the "Financial Intelligence Commission (FIC)" as a key regulator alongside NBR and CMA. The "Previous Analysis" mentioned AML/KYC requirements but didn't detail the existing specific law or the FIC's role as prominently. * **Prohibitions:** The "New Analysis" specifies "VASP-offering mixing services" which is slightly more precise than the "Previous Analysis's" "mixer or tumbler services." * **Omission of CBDC:** * **Previous:** "The National Bank of Rwanda is also exploring the possibility of issuing its own Central Bank Digital Currency (CBDC)." * **New:** This sentence and the topic of CBDC exploration are absent from the narrative section. * **Emphasis on "Draft" Status:** * The "New Analysis" more explicitly states: "...as of early March 2025, it was still a *draft* undergoing public consultation." * **Concluding Remarks:** * Both analyses conclude similarly regarding the "In-Progress" status. The "New Analysis" reiterates that individuals trade in an environment "not yet formally regulated specifically for this asset class." **3. Specific, Relevant Text Excerpts:** * **New Excerpts Added in "New Analysis":** * A second quote regarding "Status of Cryptocurrencies as Legal Tender (March 2025)": "...the regulation emphasizes that cryptocurrencies are prohibited as legal tender within the country." * A second quote regarding "Prohibitions under the Draft Law (March 2025)": "Additionally, the law imposes a ban on: Crypto mining. Crypto automated teller machines (ATMs), and. VASPs offering mixing services." * An additional quote from the NBR Governor (November 2024): “What we are doing, in partnership with the Capital Market Authority, based on what is being done at the international level, is to put in place regulations governing what we call virtual assets which can be traded in our country.” * A quote on "Current Unregulated Nature (December 2022/Updated January 2024)": "While the country hasn't outright banned cryptocurrency, it lacks an official legal framework to regulate it. This means that anyone using cryptocurrency is fully responsible for their due diligence." * **Modified/Expanded Excerpts in "New Analysis":** * The NBR and CMA announcement on draft regulations (March 2025) uses "introduced a draft regulatory framework" in the "New Analysis" versus "announced the enforcement of a draft law" in the "Previous Analysis." * The "Historical NBR Warning" section in the "New Analysis" is more comprehensive, explicitly stating "Since 2018, Cryptocurrency is deemed illegal in Rwanda" and then providing the direct quote, alongside the March 2024 warning. * The Carine Twiringiyimana (CMA) quote on AML/CFT Focus (March 2025) is slightly more detailed in the "New Analysis," specifically mentioning "providing clear guidance to the public and virtual asset service providers." * **No Excerpts Removed.** **4. Direct, Accessible URL Links to Specific Sources:** * This section sees significant changes. * **URLs Removed from "Previous Analysis" (and not present in "New Analysis"):** * `https://www.proeliumlaw.com/cryptocurrency-regulation-tracker/` * `https://furtherafrica.com/2024/11/21/rwanda-moves-towards-cryptocurrency-regulation/` * `https://bitcoinke.io/2025/03/rwanda-draft-law-virtual-assets/` * `https://www.binance.com/en/square/post/5349989670054` * `https://allafrica.com/stories/202503090043.html` (An allafrica link is present in the new analysis, but it's a different URL for a slightly different date). * `https://www.tralac.org/blog/article/15208-should-rwanda-adopt-a-national-digital-currency.html` (Relates to CBDC, which was de-emphasized). * `https://www.bnr.rw/storage/pdffiles/RESEARCH_PAPER_ON_RWANDA_CENTRAL_BANK_DIGITAL_CURRENCY_CBDC_Final_Version.pdf` (Direct CBDC paper, de-emphasized). * `https://ecommons.aku.edu/theses_dissertations/1003/` (Academic research). * `https://sanctionscanner.com/aml-compliance-guide/rwanda-aml-sanctions-compliance-guide-134` * `https://smileidentity.com/countries/rwanda-kyc-aml-compliance/` (A different Smile Identity link is present in the new analysis). * `https://uqudo.com/blog/kyc-solution-in-rwanda/` (A different Uqudo link is present in the new analysis). * `https://smileidentity.com/kyc-aml-compliance-guides/rwanda-kyc-guide/` * `https://uqudo.com/countries/rwanda/` * **URLs Added in "New Analysis" (and not present in "Previous Analysis"):** * `https://www.freemanlaw.com/rwanda-and-cryptocurrency/` (Previous had a freemanlaw link, but to `/rwanda-cryptocurrency-laws/`). * `https://upay.africa/blog-details/cryptocurrency-adoption-around-the-world-rwanda` (Previous had an upay.africa link, but to `/blog/cryptocurrency-adoption...`). * `https://allafrica.com/stories/202503100071.html` * `https://bitke.io/regulation-rwanda-invites-public-comments-on-draft-law-regulating-the-virtual-assets-business/` * `https://igihe.com/commerce/easiest-and-safest-place-to-trade-cryptocurrency-in-rwanda-ultimate-guide` * `https://news.bitcoin.com/rwanda-unveils-draft-law-to-regulate-virtual-assets-providing-clarity-and-oversight/` (Previous had a news.bitcoin.com link, but to `/rwandan-regulators-unveil-draft-law-to-govern-virtual-assets/`). * `https://smileidentity.com/kyc-aml-compliance-rwanda/` * `https://uqudo.com/blog/kyc-requirements-rwanda/` * **Notes on Sources:** * **Previous:** Included a note about Binance Square being user-generated and a note about the NBR PDF being a direct download. * **New:** Includes a note clarifying that while some articles reference the draft law being available via a link, those specific links were not directly provided in search results, and primary sources would be NBR/CMA websites. This is a more cautious and direct advisory on sourcing the draft law. **Conclusion on Changes:** The "New Analysis" appears to be a more refined version of the "Previous Analysis." It provides greater clarity on the existing AML/CFT framework, incorporates additional relevant quotes to support its narrative, and significantly updates its source list, likely reflecting more recent or specific articles available at the time of its compilation. The de-emphasis of the CBDC topic is also a notable change. The structural change of using bullet points for key regulatory aspects improves readability.

Analysis ID
#382
Version
Latest
Created
2025-06-26 12:48
Workflow Stage
Live

Executive Summary

Rwanda is currently navigating a regulatory "gray zone" concerning retail cryptocurrency trading. While the buying, selling, and holding of cryptocurrencies by individuals are not explicitly illegal, there is no official legal framework fully in force. A significant step towards formal regulation is the "Draft Law to Regulate Virtual Assets," introduced by the National Bank of Rwanda (NBR) and the Capital Markets Authority (CMA). This draft, released for public comment in March 2025, aims to introduce comprehensive regulations, including licensing for Virtual Asset Service Providers (VASPs) and mandatory Know Your Customer (KYC)/Anti-Money Laundering (AML) compliance. Crucially, cryptocurrencies are prohibited from being used as legal tender or for payments within Rwanda, and activities such as crypto mining, ATMs, and mixers are explicitly banned under the proposed law. Until the draft law is enacted, individuals engage in crypto trading at their own risk, with limited consumer protection and legal recourse for disputes or fraud.

Key Pillars

  • Licensing Requirements: The Capital Markets Authority (CMA) will be the primary regulator responsible for overseeing, licensing, and regulating Virtual Asset Service Providers (VASPs), including exchanges and platforms. Businesses offering virtual asset services will be required to obtain approval from the CMA before operating. Unlicensed service providers will face substantial penalties, including fines of up to 30 million Rwandan francs (approximately $21,000) and potential imprisonment for up to five years.

  • KYC/AML Compliance: Existing general KYC/AML laws apply to financial institutions, encompassing customer identification, due diligence, and transaction monitoring. The draft virtual assets law will extend these requirements to licensed crypto entities, mandating the collection and sharing of customer information, commonly known as the "travel rule," to combat money laundering and terrorist financing risks.

  • Prohibited Activities: The draft law explicitly prohibits several activities: Legal Tender and Payments: Cryptocurrencies are not recognized as legal tender and cannot be used for payments, goods, services, debt, or any other financial obligations within Rwanda. Crypto Mining: The establishment and operation of cryptocurrency mining facilities are banned. Crypto ATMs: Virtual asset automated teller machines (ATMs) are prohibited. Mixers/Tumblers: Services typically associated with concealing the origin of cryptocurrency transactions, such as mixers and tumblers, are banned.

Landmark Laws

Draft Law to Regulate Virtual Assets / Draft Law Regulating Virtual Assets Business in Rwanda
- Authority: Jointly introduced by the National Bank of Rwanda (NBR) and the Capital Markets Authority (CMA). The CMA is designated as the main regulatory body for virtual assets and Virtual Asset Service Providers (VASPs) under this draft.
- Date: The draft law was released to the public on March 6, 2025, for feedback, with a public comment period ending March 14, 2025, and a virtual consultation meeting held on March 17, 2025.
- Summary: Once enacted, this law is expected to transition Rwanda from a "Gray-zone" to an "Allowed-Regulated" status. It aims to provide legal clarity, foster innovation in the digital finance sector, and mitigate risks associated with virtual assets, particularly those related to money laundering and terrorist financing, addressing concerns raised by the Financial Action Task Force (FATF). It also outlines regulations for the issuance of Initial Coin Offerings (ICOs), tokenized real-world assets, and stablecoins.

Considerations

  • Asset Classification: For tax purposes, cryptocurrencies are classified as "intangible assets" under Rwandan tax law, similar to stocks or bonds, rather than legal tender or currency. The draft law broadly defines "virtual assets" as digital representations of value that can be traded, transferred, or used for payments and investments, encompassing those on blockchain or similar technologies, whether cryptographically secured or not, and including those backed by collateral.

  • Taxation: Rwanda has a tax regime for cryptocurrencies. The Rwanda Revenue Authority (RRA) issued a public notice in 2022 clarifying that profits from the sale or exchange of cryptocurrencies are subject to capital gains tax. For individuals, the capital gains tax rate is 15%, while for companies, the corporate income tax rate is 30%. Income derived from crypto mining activities is considered taxable and is subject to standard income tax rates. Currently, there are no specific exemptions or deductions solely for cryptocurrency transactions, though general deductions for related expenses may apply.

  • Legal Tender Status: As reiterated by the draft law and official statements, cryptocurrencies are explicitly prohibited from being used as legal tender or for payments within Rwanda.

Notes

  • The National Bank of Rwanda (NBR) has consistently issued warnings to the public regarding the inherent risks of crypto trading, including scams and the lack of consumer protection, advising caution until the regulatory framework is finalized. [Reviewer, 2, 5, 9, 10, 13] The ongoing development of the draft law signifies Rwanda's commitment to creating a secure and structured environment for virtual assets, aligning with global financial standards. Victims of cryptocurrency scams can currently file cases with the Rwanda Investigation Bureau (RIB), which investigates economic crimes. Upon the enactment of the new law, the CMA will assume the responsibility for oversight and fraud investigations related to digital assets. Furthermore, the NBR has been conducting studies into the possibility of developing its own central bank digital currency (CBDC), referred to as "Rwandacoin," to address concerns regarding anonymity, stability, and regulation within the country's payment system.

Detailed Explanation

Rwanda's retail cryptocurrency trading landscape in July 2025 is characterized by its "gray-zone" status. This means that while direct engagement in buying, selling, and holding cryptocurrencies by individuals is not explicitly forbidden, there is a distinct absence of a fully enacted legal and regulatory framework governing these activities. This ambiguity means that participants currently operate without the robust consumer protections, clear guidelines, and legal recourse typically associated with regulated financial markets. The National Bank of Rwanda (NBR) has repeatedly underscored the risks involved, warning the public about potential scams, market volatility, and the lack of official consumer safeguards. A pivotal shift is underway with the introduction of the "Draft Law to Regulate Virtual Assets," a joint initiative by the National Bank of Rwanda and the Capital Markets Authority (CMA). This draft, which was made public for consultation in March 2025, signals Rwanda's intention to transition towards a comprehensive "Allowed-Regulated" status for virtual assets. Under this proposed legislation, the CMA will emerge as the primary regulatory body, tasked with licensing and overseeing Virtual Asset Service Providers (VASPs), including cryptocurrency exchanges. Prospective VASPs will be required to obtain formal approval from the CMA, and strict penalties, including significant fines and imprisonment, are outlined for those operating without proper licensing. A core tenet of the draft law is the mandatory adherence to Know Your Customer (KYC) and Anti-Money Laundering (AML) standards for all licensed entities. This includes the implementation of the "travel rule," which compels licensed exchanges to collect and share customer information for transactions, aligning Rwanda's regulatory efforts with international standards aimed at preventing financial crimes. Critically, the draft law unequivocally prohibits cryptocurrencies from being recognized or used as legal tender or for any form of payments within the country. Furthermore, specific activities such as crypto mining, the operation of virtual asset ATMs, and the provision of mixer or tumbler services are expressly banned, reflecting a cautious approach to activities deemed to carry elevated risks of illicit financial flows. For tax purposes, the Rwanda Revenue Authority (RRA) has already classified cryptocurrencies as "intangible assets," subjecting any profits derived from their sale or exchange to capital gains tax. Income from mining activities is also subject to standard income tax. This classification distinguishes cryptocurrencies from traditional currencies and legal tender, reinforcing the prohibition on their use as payment instruments. The current legal avenues for addressing fraud involve the Rwanda Investigation Bureau (RIB), but the enactment of the new law is expected to centralize fraud investigations related to virtual assets under the CMA's purview, providing a clearer path for victims. While the regulatory landscape is in flux, Rwanda's proactive development of this comprehensive legal framework underscores its commitment to fostering innovation in a controlled manner, mitigating risks, and ensuring financial stability within its evolving digital asset ecosystem. The ongoing discussions about a potential national digital currency, "Rwandacoin," further highlight the country's strategic consideration of digital assets in its future financial infrastructure.

Summary Points

Here's a clear, well-structured bullet point summary of Rwanda's retail crypto trading regulatory landscape:

### Rwanda Retail Crypto Trading: Regulatory Analysis (June 2025)

#### 1. Overall Regulatory Status

  • Current Status: "Gray-zone" as of June 2025.
  • Not explicitly banned, but a comprehensive regulatory framework is still awaiting enactment.
  • Transitioning from an unregulated informal space to a strictly regulated one.
  • Consumer Protection:
  • Individuals engage in crypto trading at their own risk.
  • Limited consumer protection and legal recourse for disputes or fraud currently.
  • National Bank of Rwanda (NBR) consistently issues warnings regarding inherent risks (scams, volatility, lack of protection).
  • Future Status: Expected to transition to an "Allowed-Regulated" status upon enactment of the Draft Law.

#### 2. Key Regulatory Bodies and Their Roles

  • National Bank of Rwanda (NBR):
  • Jointly introduced the "Draft Law to Regulate Virtual Assets."
  • Issues public warnings about the risks of crypto trading.
  • Conducting studies into the possibility of developing its own Central Bank Digital Currency (CBDC), "Rwandacoin."
  • Capital Markets Authority (CMA):
  • Designated as the primary regulator for virtual assets and Virtual Asset Service Providers (VASPs) under the proposed Draft Law.
  • Will be responsible for overseeing, licensing, and regulating VASPs (e.g., exchanges, platforms).
  • Upon enactment of the new law, will assume responsibility for oversight and fraud investigations related to digital assets.
  • Rwanda Revenue Authority (RRA):
  • Issued public notice clarifying the tax regime for cryptocurrencies.
  • Rwanda Investigation Bureau (RIB):
  • Currently handles investigations into cryptocurrency scams and economic crimes.
  • This responsibility is expected to shift to the CMA upon the new law's enactment.

#### 3. Pivotal Legislation and Regulations

  • The Draft Law to Regulate Virtual Assets (also known as "Draft Law Regulating Virtual Assets Business in Rwanda"):
  • Authority: Jointly introduced by the National Bank of Rwanda (NBR) and the Capital Markets Authority (CMA).
  • Release Date: Released for public comment on March 6, 2025, with consultations concluding by March 17, 2025.
  • Key Objectives/Impact (upon enactment):
  • Provide legal clarity and foster innovation in the digital finance sector.
  • Mitigate risks associated with virtual assets, particularly money laundering and terrorist financing (addressing FATF concerns).
  • Outline regulations for the issuance of Initial Coin Offerings (ICOs), tokenized real-world assets, and stablecoins.
  • Existing General Laws: General Know Your Customer (KYC) and Anti-Money Laundering (AML) laws currently apply to financial institutions.

#### 4. Requirements for Compliance (Under Draft Law)

  • Licensing Requirements:
  • Virtual Asset Service Providers (VASPs), including exchanges and platforms, will be required to obtain approval from the CMA before operating.
  • Penalties for Unlicensed Operation: Substantial fines (up to 30 million Rwandan francs / ~$21,000) and potential imprisonment for up to five years.
  • KYC/AML Compliance:
  • The Draft Law will extend existing KYC/AML requirements to licensed crypto entities.
  • Mandatory collection and sharing of customer information, commonly known as the "Travel Rule," to combat money laundering and terrorist financing risks.

#### 5. Notable Restrictions or Limitations (Under Draft Law)

  • Prohibition as Legal Tender/Payments:
  • Cryptocurrencies are explicitly not recognized as legal tender.
  • Cannot be used for payments, goods, services, debt, or any other financial obligations within Rwanda.
  • Explicitly Prohibited Activities:
  • Crypto Mining: Establishment and operation of cryptocurrency mining facilities are banned.
  • Crypto ATMs: Virtual asset automated teller machines (ATMs) are prohibited.
  • Mixers/Tumblers: Services typically associated with concealing the origin of cryptocurrency transactions are banned.

#### 6. Taxation and Asset Classification

  • Asset Classification:
  • For tax purposes, cryptocurrencies are classified as "intangible assets" under Rwandan tax law (similar to stocks or bonds).
  • The Draft Law broadly defines "virtual assets" as digital representations of value that can be traded, transferred, or used for payments and investments, encompassing those on blockchain or similar technologies.
  • Taxation:
  • Capital Gains Tax: Profits from the sale or exchange of cryptocurrencies are subject to capital gains tax.
  • Individuals: 15%
  • Companies: 30% (Corporate Income Tax)
  • Income Tax: Income derived from crypto mining activities is considered taxable and subject to standard income tax rates.
  • Exemptions/Deductions: Currently, no specific exemptions or deductions solely for cryptocurrency transactions, though general deductions for related expenses may apply.

#### 7. Recent Developments and Future Outlook

  • Draft Law Progress: The public comment period and virtual consultation for the Draft Law were completed in March 2025, indicating active progress towards enactment.
  • CBDC Exploration: The NBR is actively studying the feasibility of a national digital currency ("Rwandacoin") to address concerns regarding anonymity, stability, and regulation within the country's payment system.
  • Regulatory Shift: The ongoing development signifies Rwanda's commitment to creating a secure and structured environment for virtual assets, aligning with global financial standards.

Full Analysis Report

Report on Retail Cryptocurrency Trading Status in Rwanda

Date: 2025-06-26

Topic: Retail_Trading_Status

Description: Assess whether individual citizens and residents in the country are legally permitted to buy, sell, and hold cryptocurrencies. Detail the regulatory environment surrounding this activity (e.g., KYC/AML requirements imposed on platforms, general warnings issued).

Retail_Trading_Status: In-Progress

1. Most Accurate Current Status: In-Progress

2. Detailed Narrative Explanation:

Rwanda's stance on retail cryptocurrency trading is currently in a transitional phase, moving from a position of caution and non-regulation towards establishing a formal regulatory framework. While not explicitly banned for individuals, the environment has been characterized by warnings from the National Bank of Rwanda (NBR) about the risks involved, as cryptocurrencies are not recognized as legal tender. Historically, the NBR has stated that anyone involved in buying or selling digital money does so at their own risk.

However, recent developments indicate a significant shift. In late 2024 and early 2025, the NBR, in collaboration with the Capital Market Authority (CMA), announced plans and subsequently introduced a draft regulatory framework for virtual assets and virtual asset service providers (VASPs). This draft law, made public in March 2025 for public consultation, aims to govern digital financial transactions, foster innovation, and mitigate risks, particularly those related to money laundering and terrorist financing, in line with Financial Action Task Force (FATF) recommendations.

The proposed regulations will place VASPs under the regulatory oversight of the CMA, which will establish licensing requirements. While the draft law was introduced, it's important to note that as of early March 2025, it was still a draft undergoing public consultation. The timeline previously suggested that regulations might come into place as early as the first quarter of 2025.

Key aspects of the developing regulatory landscape include:
* Cryptocurrencies not legal tender: The draft law reiterates that virtual assets, including cryptocurrencies, will not be recognized as legal tender in Rwanda and cannot be used for payments.
* Licensing for VASPs: Businesses seeking to provide virtual asset services will need to apply for and secure approval from the CMA.
* Prohibitions: The draft law includes bans on crypto mining, crypto ATMs, and VASP-offering mixing services.
* AML/CFT Measures: A significant driver for the new regulations is the need to address anti-money laundering and counter-financing of terrorism (AML/CFT) risks associated with virtual assets. The 'travel rule', requiring exchanges to collect and share information about individuals involved in transactions, is also mandated.
* Existing AML/KYC Framework: Rwanda already has a general AML/KYC framework in place, primarily Law No. 54/2018, which financial institutions adhere to. These existing regulations will likely extend and be adapted to VASPs once the new framework is finalized. The National Bank of Rwanda (BNR), Capital Market Authority (CMA), and Financial Intelligence Commission (FIC) are key regulators in this area.

Until the draft law is officially enacted and implemented, the status remains "In-Progress." Individuals trading cryptocurrencies continue to do so in an environment that is not yet formally regulated specifically for this asset class, though they are subject to general warnings and the impending comprehensive regulatory framework. The NBR has consistently warned citizens about the risks of dealing with unregulated cryptocurrency platforms.

3. Specific, Relevant Text Excerpts:

  • National Bank of Rwanda (NBR) and Capital Market Authority (CMA) on draft regulations (March 2025): "The National Bank of Rwanda (NBR) and the Capital Market Authority (CMA) have introduced a draft regulatory framework for virtual assets and virtual asset service providers, a step towards governing digital financial transactions in the country."
  • Status of Cryptocurrencies as Legal Tender (March 2025): "The draft law confirms that virtual assets will not be recognised as legal tender, nor can they be used for payments within Rwanda." Another source states, "the regulation emphasizes that cryptocurrencies are prohibited as legal tender within the country."
  • Licensing Requirement for VASPs (March 2025): "The draft law places virtual assets and virtual asset service providers (VASPs) under the regulatory oversight of the Capital Markets Authority of Rwanda (CMA Rwanda), which will establish the licensing requirements for VASPs."
  • Prohibitions under the Draft Law (March 2025): "Additionally, the law imposes a ban on: Crypto mining. Crypto automated teller machines (ATMs), and. VASPs offering mixing services." Another source adds, "The proposal also bans crypto mining, virtual asset cash machines, and mixer or tumbler services."
  • NBR Governor on upcoming regulations (November 2024): "The governor of the National Bank of Rwanda (NBR), John Rwangombwa, has said that the bank is making plans to regulate the use of cryptocurrencies in the country. The regulations may come into place as early as the first quarter of 2025." He also stated, “What we are doing, in partnership with the Capital Market Authority, based on what is being done at the international level, is to put in place regulations governing what we call virtual assets which can be traded in our country.”
  • Historical NBR Warning (2018, reiterated): "Since 2018, Cryptocurrency is deemed illegal in Rwanda. According to the National Bank of Rwanda (NBR) “anyone who gets involved in the business of buying and selling digital money will do it at their own risk”." A similar sentiment from 2018 was: “Anyone who gets involved in the business of buying and selling digital money will do so at their own risk,” the Governor of the National Bank of Rwanda said. More recently, in March 2024, the NBR Governor warned: "We have said this again and again that these cryptocurrency businesses are not regulated in Rwanda... we advise people not to invest in these assets because people have lost money and they keep losing money."
  • Current Unregulated Nature (December 2022/Updated January 2024): "While the country hasn't outright banned cryptocurrency, it lacks an official legal framework to regulate it. This means that anyone using cryptocurrency is fully responsible for their due diligence."
  • AML/CFT Focus (March 2025): "A key concern raised by the Financial Action Task Force is that virtual assets can be used as a channel for money laundering. That's why these regulations are being introduced to mitigate such risks while also providing clear guidance to the public and virtual asset service providers," explained Carine Twiringiyimana, Manager of Licensing and Approvals at CMA.

4. Direct, Accessible URL Links to Specific Sources:

(Note: While some articles reference the draft law being available via a link, those specific links within the articles were not directly provided in the search results. The primary sources for the draft law would be the NBR or CMA official websites.)

Web Sources (13)

Sources discovered via web search grounding

Search queries used (6)
  • Retail cryptocurrency trading status Rwanda 2025
  • National Bank of Rwanda cryptocurrency regulation
  • Rwandan law on cryptocurrency trading for individuals
  • KYC/AML regulations for crypto platforms in Rwanda
  • Official statements on cryptocurrency in Rwanda
  • Is cryptocurrency trading legal in Rwanda for citizens?
Source

Source

Source

Source

Source

Source

Source

Source

Source

Source

Source

Source

Source

Reviews

No reviews yet

Submit Review

Challenge: Disagree with the analysis | Approval: Confirm it's correct | Refinement: Suggest improvements