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Netherlands vs Rwanda

Crypto regulation comparison

← Back to map | Netherlands | Rwanda
Netherlands

Netherlands

Rwanda

Rwanda

Legal
Restricted

The Netherlands has one of Europe's strictest crypto regulatory regimes. DNB has overseen VASP registration since 2020 under the Dutch AML/CFT Act (Wwft), and many applications have been rejected. The Netherlands does not tax realized capital gains directly; instead, crypto holdings are taxed under the Box 3 wealth tax based on a deemed return on net assets. The AFM oversees market conduct. MiCA is now the governing framework.

Rwanda is developing a comprehensive crypto regulatory framework. The NBR and Capital Markets Authority are drafting a law requiring VASPs to obtain CMA licenses. The draft law prohibits crypto as legal tender, bans mining and crypto ATMs, and imposes fines up to 30M RWF and imprisonment for unlicensed operators.

Tax Type Wealth
Tax Type None
Tax Rate ~1.2-1.6% (deemed return)
Tax Rate N/A
Exchanges Yes Yes
Exchanges No No
Mining Yes Yes
Mining No No
Regulator DNB (De Nederlandsche Bank), AFM (Autoriteit Financiële Markten)
Regulator National Bank of Rwanda (NBR), Capital Markets Authority (CMA)
Stablecoin Rules Regulated under EU MiCA framework; DNB oversight
Stablecoin Rules Draft law prohibits crypto as payment; mining and crypto ATMs banned
Key Points
  • DNB requires VASP registration under the Wwft (AML Act); rigorous approval process
  • Only a limited number of VASPs have obtained DNB registration (many rejected or withdrawn)
  • Crypto taxed under Box 3 wealth tax: deemed return on net assets taxed at ~31-36% (effective ~1.2-1.6%)
  • AFM regulates crypto advertising and market conduct; banned crypto ads targeting retail in 2022
  • MiCA framework applicable from December 2024, transitioning from national DNB regime
Key Points
  • Draft law requires VASPs to obtain licenses from Capital Markets Authority
  • Crypto prohibited as legal tender or payment method under draft law
  • Crypto mining, crypto ATMs, and mixer/tumbler services banned
  • Penalties include fines up to 30M RWF and up to 5 years imprisonment
  • Framework driven by FATF compliance on AML requirements
Sources
Sources