In a recent interview, Central Bank Governor Soraya Hakuziyaremye outlined Rwanda's steady progress toward establishing a regulated cryptocurrency market, emphasising a forward-thinking approach that prioritises stablecoins and aligns with the nation's ambition to become a regional financial hub.
This development marks a huge step since the draft law was announced in March 2025, positioning Rwanda as a potential fintech leader in East Africa.
The governor revealed that the CMA is leading the charge, with public consultations for the virtual assets law nearly complete.
Governor Soraya said the virtual assets law could be ready in the coming weeks, 'because we are at the end of the consultations.'
The law will establish licensing criteria for virtual asset service providers, such as crypto exchanges and wallet providers, and set conditions for hosting cryptocurrency exchanges in Rwanda.
This progress builds on the draft law introduced in March, which aimed to define virtual assets and mitigate risks like money laundering and scams.
A key focus of the upcoming law is the inclusion of stablecoins, digital assets pegged to stable currencies like the US dollar, which the governor highlighted as a practical tool for applications such as remittances and cross-border payments.
This aligns with Rwanda's broader efforts to reduce the high 3-6% remittance fees that burden African economies, as noted in the interview.
The governor linked this to Rwanda's ongoing Central Bank Digital Currency (CBDC) proof-of-concept, planned for 2026, which could integrate with stablecoins to enhance financial inclusion and streamline transactions.
The regulatory framework also prioritises consumer protection, aiming to shield the public from speculative tendencies and scams, a concern echoed in earlier reports.
Carine Twiringiyimana, Manager of Licensing and Approvals at the CMA, noted in March that the law addresses Financial Action Task Force concerns about money laundering risks in virtual assets.
Beyond addressing money laundering risks in virtual assets, the Central Bank Governor also highlighted Rwanda's proactive vision, framing the virtual assets law as a cornerstone of its goal to become an international financial centre.
'We are working on having a more liberalised central securities depository, so that we attract more investors,' she said, citing Rwanda's financial initiatives, including green bonds, IPOs, and Global Master Repurchase Agreements.
The latest development marks progress in efforts to regulate the market, following restrictions introduced in 2023 on banks facilitating crypto transactions. It positions Rwanda alongside African peers like Nigeria and South Africa, which are actively exploring central bank digital currencies (CBDCs) and establishing regulatory frameworks for cryptocurrencies.
Wycliffe Nyamasege
