Rwanda's parliament has approved a bill on May 5 to establish a formal licensing and regulatory framework for cryptocurrencies and other digital assets. The Rwanda Capital Market Authority will serve as the primary regulator, while the National Bank will oversee financial stability coordination. Companies operating virtual asset services without a license could face fines up to $68,000, while individuals may incur fines between $21,000 and $34,000, imprisonment of 3 to 5 years, or both. Unauthorized activities such as illegal payments, crypto ATMs, mining, and mixing services will also be penalized.