Uganda’s push to become a regional hub for virtual assets gained fresh urgency as regulators, industry leaders and innovators gathered in Kampala for the Blockchain Summit. The meeting made one thing clear: Kenya’s rapid regulatory strides have raised the bar, and Uganda cannot afford to move slowly any longer.
At the Four Points Hotel, Bank of Uganda Governor Dr. Michael Atingi-Ego delivered a blunt message, Uganda must decide whether it will lead Africa’s digital-finance transition or watch from the sidelines.
He argued that the central bank’s caution has been deliberate, not resistant, noting that stakeholder engagement was necessary before drafting enforceable rules. But he warned that regulatory uncertainty can no longer continue, especially when 84.5% of Uganda’s virtual asset activity happens on decentralized platforms, leaving users exposed with almost no consumer protections.
Stablecoin adoption for remittances and cross-border payments adds another layer of risk, including monetary substitution and challenges to macroeconomic stability.
Kenya’s implementation of the Virtual Asset Service Providers Act on November 4 has drawn strong attention from regional actors. The framework defines nine categories of licensed activities and splits oversight between the central bank and capital markets regulator.
For Dr. Atingi-Ego, the contrast is sharp: “Kenya provides clarity. We are still developing ours. What will Uganda’s competitive advantage be?”
Yet he maintained that Uganda can still lead by creating some of Africa’s strongest, most consultation-driven regulations. He expects the country’s framework to revolve around licensing standards, client asset protection, AML/CFT compliance, cybersecurity, market conduct rules and transparent reporting.
The Blockchain Association of Uganda echoed the need for urgency. Its chair, Reginald Tumusiime, described the summit as the climax of six years of work with regulators. He said blockchain’s practical economic value, cheaper remittances, greater financial inclusion and broader access to tokenized assets, makes regulation indispensable.
Tumusiime emphasized that Uganda’s risk assessments and preparatory work now give it the foundation to build one of Africa’s most comprehensive virtual-asset laws, even as neighbours like Ghana, Rwanda, Nigeria and Kenya accelerate their own reforms.
MTN Uganda CEO Sylvia Mulinge stressed that regulation alone is insufficient if Ugandans lack connectivity and digital skills. Despite 87% mobile broadband coverage, only 29% of citizens are online.
She argued that blockchain innovation requires a digital-ready population, one equipped with skills, tools and affordable access.
Uganda’s policymakers now face a decisive moment. The country has invested years in consultations and risk studies. But with Kenya setting a regional benchmark, the pressure to shift from discussion to implementation is stronger than ever.
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