The Capital Market Authority (CMA) of Rwanda is benchmarking its emerging virtual asset framework against that of the United Arab Emirates following bilateral trade discussions in the Middle East.
A delegation led by Romeo Ngarambe, CEO of the CMA, recently concluded a high-level study tour in the UAE, where they were hosted by Waleed Saeed Al Awadhi, chief executive officer of the UAE Capital Market Authority.
The bilateral visit follows Rwanda gazetting its first dedicated legislation regulating virtual asset businesses in May, establishing a formal oversight regime across the country's capital markets.
“The exchange centred on virtual asset regulation and capital market development in the Middle East and Africa, and the two authorities have begun work towards a Memorandum of Understanding,” said Ngarambe. “The lessons will support new technologies and investor confidence in Rwanda’s market.”
The delegation focused on regulatory best practices for digital assets, which are defined as digital representations of value that can be traded, transferred, or used for payment and investment purposes.
Under the new legal framework, the CMA acts as the primary licensing and supervisory authority for virtual asset service providers in Rwanda.
The UAE authority confirmed that both delegations discussed mechanisms to enhance cooperation, exchange technical expertise, and support financial market development.
The visit forms part of the UAE regulatory agency's initiative to expand international partnerships and share regulatory expertise with emerging markets across Africa.
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