FIA Receives Prestigious Award at Kampala Blockchain Summit 2024, Advocates for Regulatory Compliance in Virtual Assets
The Financial Intelligence Authority was honoured with the Excellence in Virtual Assets Research and Policy Framework Award at the Kampala Blockchain Summit 2024. Presented by the Blockchain Association of Uganda, this award recognizes the FIA’s outstanding contributions to establishing a secure and forward-thinking regulatory environment for virtual assets in Uganda. The summit brought together leading industry players, regulators, and policymakers to discuss the future of blockchain technology, positioning Uganda as a hub for digital innovation in East Africa.
One of the key moments at the event was a regulators panel where FIA was represented by Ms. Sherifah Tumusiime, Senior Systems Officer. In her remarks, Sherifah highlighted the regulatory challenges and opportunities that come with the growth of blockchain technology, emphasizing its potential to reshape Uganda’s financial landscape.
Sherifah spoke on blockchain’s transformative role in promoting financial inclusion for the most vulnerable in society, transparency, and efficiency across Uganda’s financial sector. She explained that blockchain’s decentralized structure can reduce transaction costs, making financial services more accessible to the unbanked and underbanked populations in Uganda. “Blockchain is more than a technology; it’s a transformative tool for financial inclusion and transparency,” Sherifah stated. “As we explore its potential, we must also remain vigilant about its risks and ensure a balanced regulatory framework that fosters innovation while safeguarding our financial integrity.”
She reiterated the FIA’s dedication to creating a regulatory environment that balances security with innovation, supporting Uganda’s vision of becoming a leader in digital assets.
A crucial part of this strategy includes the Virtual Asset Working Group established by the FIA Leadership to bring together experts from within the Authority. This group is actively engaged in conducting a comprehensive Virtual Asset Risk Assessment to identify potential risks and eventually establish a regulatory framework that addresses emerging challenges in the virtual asset space.
Sherifah also called on the Virtual Asset Service Providers (VASPs) to comply with regulatory standards, particularly by registering with the FIA. “I strongly urge all VASPs to register with the FIA. Compliance is essential to creating a secure and transparent digital asset space in Uganda,” she emphasized. “Through collaboration and adherence to regulations, we can ensure that Ugandans participate safely in this emerging space.”
The award presented to the FIA highlights the Authority’s leadership in setting regulatory standards for virtual assets in Uganda, while also showcasing its proactive approach in addressing emerging risks.
Reflecting on the award, Mr. Cyrus Barigye, Director of ICT Systems and Security, expressed gratitude and pride in the FIA team’s achievements. “This award is a testament to the dedication of our team at FIA, who have worked tirelessly to ensure that Uganda’s approach to virtual assets is secure, inclusive, and innovative. By developing a robust policy framework, we are not only fostering trust within the digital asset space but also positioning Uganda as a leader in the global financial ecosystem,” Mr Barigye stated. “As we continue our work, our focus will remain on balancing innovation with security, ensuring that Uganda can benefit from blockchain’s potential without compromising on safety.”
The Virtual Asset Working Group and the ongoing Virtual Asset Risk Assessment underscore FIA’s commitment to a secure and resilient virtual asset ecosystem. These initiatives aim to ensure that Uganda's regulatory frameworks are innovative and robust, promoting responsible growth in the digital asset sector.
As Uganda continues to embrace blockchain technology, the FIA remains focused on refining its regulatory frameworks to support innovation while safeguarding against financial risks. This award not only celebrates the FIA’s achievements but also reinforces its commitment to building a secure, inclusive, and technologically advanced financial future for Uganda.