Recent legislative changes and particular product offerings have changed Rwanda’s virtual dollar card regulatory environment.
Regulatory Structure:
Rwanda has proposed a draft law to govern virtual assets as of March 2025, with the goal of giving the digital financial industry legal clarity and oversight. The Capital Markets Authority (CMA) is designated as the principal regulator of virtual asset service providers (VASPs) by this proposed law. Notably, the draft law forbids using virtual assets for payments within Rwanda or recognizing them as legal cash. This framework also prohibits activities like mining cryptocurrencies, operating virtual asset cash machines, and providing mixer or tumbler services.
Virtual Dollar Card Products:
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In December 2024, MTN Rwanda subsidiary Mobile Money Rwanda (MoMo Rwanda) teamed up with Mastercard to introduce the “Virtual Card by MoMo.” Customers of MoMo can use this virtual payment system to safely transact online at any location that takes Mastercard. The project intends to improve financial inclusion and literacy while supporting Rwanda’s transition to a cashless economy. This virtual card, which is directly connected to their MoMo accounts and enables easy online payments, is available to all MTN Rwanda users.
Considerations for Compliance:
The following compliance considerations should be kept in mind by Rwandan virtual dollar card users:
Respect for rules and Regulations: All relevant rules and regulations, including those pertaining to exchange rate management, must be followed while making payments using a credit or debit card online. It may be necessary for users to abide by certain rules when doing transactions.
Service Provider Licensing Requirements: In order to operate lawfully in Rwanda, VASPs must seek for licenses from the CMA. Penalties, such as fines and jail time, may follow noncompliance with license requirements.
When utilizing or providing virtual dollar card services in Rwanda, it is crucial for both customers and service providers to remain up to date on the most recent rules and regulations due to the constantly changing regulatory landscape.
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