Rwanda's CMA sets out its tokenisation approach: licensing window signalled for H2 2026

CMA Rwanda's chief executive presented the regulator's approach to tokenisation of financial assets at the Inclusive FinTech Forum in Kigali: securities tokenisation, real-world assets, and tokenised funds and derivatives, all framed under the existing Capital Markets Act rather than new legislation. The supporting infrastructure moved in parallel, with CSD Regulations issued 3 February and a draft Intermediary Service Platform Operator regulation out for consultation from 12 February. Formal tokenisation guidelines were expected Q2 to Q3 2026 with a licensing window signalled for H2. Rwanda is building a token-issuance jurisdiction methodically, and platforms wanting first-mover status should be watching the CMA rather than the headlines. Re-verified 6 July 2026: events overtook the existing-legislation framing. Law No. 023/2026 regulating virtual asset business was gazetted on 28 May, making the CMA lead regulator for virtual assets (cpm-2026-0023).