Rwanda
Rwanda is executing a deliberate, state-led strategy: the Kigali International Financial Centre frames the jurisdiction as a regional digital asset hub, BNR runs a live sandbox, and a wholesale CBDC proof-of-concept has completed Phase 1. The framework is coherent but the market remains small.
Developing
National Bank of Rwanda (BNR) · Capital Market Authority (CMA-RW)
Kigali International Financial Centre VASP regime in build; sandbox live.
Law N° 75/2019 on AML/CFT covers VASPs; risk-based supervision by FIC.
Pending — Transposition expected alongside VASP regulations 2026/27.
Standard income / capital gains regime applied; no bespoke crypto tax.
BNR consumer-protection directives extend to fintech sandbox participants.
- —Market depth — few firms to supervise or learn from
- —VASP regulations still pending (2026/27)
- —Regional competition from Mauritius and Kenya for hub status
Brings VASPs in scope of AML obligations.
Positions Rwanda as a regional digital-asset hub.
Frames reserve, redemption and audit expectations.
Wholesale-CBDC PoC concludes Phase 1.
- 2019
Law N° 75/2019 brings VASPs into AML scope
- 2022
KIFC digital asset strategy published
- 2025
Rwanda Coin wholesale CBDC PoC Phase 1
- 2026
Stablecoin discussion paper; VASP regs drafting