Rwanda parliament passes virtual asset regulation bill

According to reports, the lower house of the Rwandan parliament passed a virtual asset regulation bill on May 5th, which stipulates that individuals who operate virtual asset businesses without authorization will face 3 to 5 years in prison and a fine of 30 million to 50 million rubles, while companies can be fined up to 100 million rubles. The Capital Market Authority will serve as the main regulatory agency and collaborate with the National Bank of Rwanda in law enforcement. The bill needs to be signed by the President and published in the official gazette before it takes effect, and specific implementation details will be formulated separately.