Regulator: Capital Markets Authority of Rwanda (CMA)
Law No. 023/2026 of 25 May 2026 regulating virtual asset business entered into force on 28 May 2026 and governs stablecoin issuance. Issuers need prior CMA approval, 100% collateralisation, independent valuation and audit, licensed custody, and segregated reserves that may not be lent for yield. Algorithmic stablecoins are excluded. Implementing regulations on capital and licensing criteria were still pending as of mid-2026.
Applicable Laws:
Law No. 023/2026 of 25/05/2026 regulating virtual asset business - https://www.cma.rw/fileadmin/user_upload/law_regulating_virtual_asset_business.pdf
Guideline for Virtual Asset Related Activities - https://www.minijust.gov.rw/index.php?t=f&f=111091&token=dea4c71948266e19cbaf43b9f6a80ab083e13b60
