Rwanda wants to regulate cryptocurrencies

A bill to supervise cryptocurrencies Rwanda advances towards the regulation of cryptocurrencies with a bill recently presented by the capital Markets Authority (CMA) and the National Bank of Rwanda (NBR). This initiative aims to establish a legal framework for service providers in digital assets (Vasps), who will now have to obtain a license to operate in the country. Otherwise, they are exposed to legal proceedings and fines of up to 30 million Rwandan francs (around 21,000 dollars). The text, in discussion for several months, introduces strict restrictions on certain aspects of the market. Cryptocurrencies’ mining, crypto automatic distributors (ATMS) and mixing services are expressly prohibited. In addition, the bill specifies that cryptos will not be recognized as legal currency, excluding any official use of these digital assets in current payments. The Rwandan authorities justify this approach by the need to combat the risks of money laundering and illegal financing associated with cryptocurrencies. According to the CMA, this regulation is aligned with the recommendations of the Financial Action Task Force (FATF), which urges governments to better control financial flows into digital assets. Although the text has not yet been adopted, it marks a major development for Rwanda, which has been playing so far in a total legal vagueness concerning cryptocurrencies. Public discussions around this bill are underway, and a virtual consultation is provided to finalize the legislative framework before its adoption. A global movement Rwanda is not an isolated case. Other African nations also accelerate the establishment of regulatory frameworks for cryptocurrencies. Kenya, for example, prepares legislation which aims to legalize these digital assets and to provide increased protection to investors. The Minister of Finance, John Mbadi, confirmed that this law provides for strict measures to combat fraud and money laundering, while creating an environment favorable to crypto innovation. In the same dynamic, Botswana adopts a more measured approach. The country’s central bank recently published a report indicating that cryptocurrencies do not yet represent a systemic threat, but that a progressive regulation is necessary. Botswana thus wishes to supervise their adoption to avoid possible long -term financial imbalances. For its part, Morocco, announced, last year, its intention to remove the ban on cryptocurrencies, in force since 2017. Faced with a massive adoption of bitcoin and other digital assets despite the prohibition, the Moroccan authorities have decided to set up a more suitable regulatory framework. Bank Al-Maghrib is currently finalizing a bill that will legalize and supervise the use of cryptos, for the sake of safety and compliance with international standards. Morality of history: States want to supervise cryptos, a bit like a cat that tries to train a mouse: good luck! Notice of non-responsibility Non-responsibility notice: In accordance with the guidelines of The Trust Project, BEINCRYPTO undertakes to provide impartial and transparent information. This article aims to provide exact and relevant information. However, we invite readers to verify the facts of their own and consult a professional before making a decision on the basis of this content.

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