The Kampala Blockchain Summit has taken place annually for a few years now and the third
installment was held on November 25, 2025, at the Four Points Hotel by Sheraton in
Kampala. It marked a pivotal moment in Uganda’s journey towards digital transformation by
bringing together regulators, innovators, and industry leaders to address the theme, “From
Regulation to Growth: Uganda as a Regional Hub for Virtual Assets.”
The summit, hosted by the Blockchain Association of Uganda, delivered the “clearest signal
yet” that Uganda is preparing to shift its approach from cautious observation to deliberate
regulatory action regarding virtual assets, motivated by mounting regional competition,
particularly from Kenya.
The Call for Action: Leading or Following
The tone was set early by Dr. Michael Atingi-Ego, Governor of the Bank of Uganda, whose
keynote address emphasised the urgency of regulatory clarity. The Governor challenged
attendees, stating that the central question is whether Uganda will be the “architects of their
adoption or mere users of systems designed elsewhere”.
Dr. Atingi-Ego defended the central bank’s measured pace, characterising their long-held
stance as “prudence”, not hesitation, noting that years of consultation were necessary before
crafting enforceable rules. However, he stressed that “regulatory uncertainty is no longer
tenable”.
A sobering reality highlighted during the summit was the pace set by neighbouring
jurisdictions, with the governor pointing out that Kenya has already overtaken Uganda in
establishing a functional virtual asset framework after implementing its Virtual Asset Service
Providers (VASP) Act on November 4, 2025. This framework introduces licensed activities
and clear oversight, prompting him to ask, “Why would a firm choose Kampala over
Nairobi?”
Addressing Domestic Risk and Defining Regulatory Pillars
Significant domestic activity in unsupervised environments drives the push for regulation.
Early findings from Uganda’s national risk assessment reveal that 84.5% of virtual asset
activity in Uganda occurs on decentralised platforms, far exceeding the sub-Saharan African
average of 63.8%. This decentralised environment makes supervision technically
challenging, and consumer recourse is practically nonexistent. Furthermore, the wide use of
stablecoins for remittances poses risks, including monetary substitution, as Ugandans hold
value in foreign currency-pegged digital tokens instead of the shilling.
Dr Atingi-Ego outlined the critical architecture expected to guide Uganda’s regulatory
approach:
- Licensing and fit-and-proper standards.
- Client asset protection/CFT compliance, including adherence to the FATF travel rule.
- Cybersecurity and operational resilience.
- Market integrity and conduct standards.
- Transparency and data reporting.
Industry Collaboration and Economic Value
Reginald Tumusiime, the president of the Blockchain Association of Uganda, described the
summit as the culmination of a six-year journey of commitment and patience, emphasising
that the association engages regulators as partners. He talked about how blockchain
technology can help the economy and said that rules are needed for productivity to grow
stating the costs of sending money abroad could drop from 7% to less than 1%, and
professionals would be able to invest in tokenised assets more easily.
During the Fireside Chat, Sylvia Mulinge, the CEO of MTN Uganda, emphasised that
technological innovation must be supported by foundational infrastructure, noting that while
87% of Ugandans have access to mobile broadband, only 29% actively use it, and stressed
that talent, access, and digital literacy must grow in tandem with emerging technologies like
blockchain to maximise the potential of Uganda’s youthful population.
Expert Insights on Tokenization: Stable Desk Uganda in the Dialogue
A major focus of the day was gaining expert insights into real-world applications and future
trends. The morning session featured a dynamic panel dedicated to exploring “Tokenisation:
A Blockchain Use Case”, preceded by a presentation on “An Investment Perspective on
Tokenisation”, delivered by Olivier Fines of the CFA Institute.
During this critical discussion on tokenisation, Abel Namureba, our founder here at Stable
Desk Uganda, shared key insights alongside a strong panel, which included Moses
Rutahigwa (Director Retail & Business Banking, Absa Bank Uganda) and Abdul Hakeem
Ssebagala (Senior Manager – Solution Architecture & Data Management, MTN Mobile
Money Uganda Limited). Abel explained that tokenisation is not new to Uganda, noting that
earlier versions existed through scratch cards and Umeme’s Yaka, where value was
represented digitally and redeemed instantly. He emphasised that today’s blockchain-based
tokenisation simply expands this idea to a global scale and further highlighted that as money
becomes fully digital, globalisation increases, borders fade, and trade finance can be settled
instantly through stablecoins, which opens Uganda to faster, cheaper, and more efficient
cross-border business.
The panel on tokenisation also included Peter BenHur Nyeko (CEO, Mandulis Energy) and
Thomas Giacomo (Head of Fintech, Teranode Group).
Other key speakers contributing to the dialogue included some regulators, such as the
Financial Intelligence Authority, Capital Markets Authority, Uganda Revenue Authority, and
the Bank of Uganda’s National Payment Systems Department.
The summit reinforced the notion that Uganda is uniquely positioned to accelerate
blockchain adoption and potentially create one of Africa’s most comprehensive frameworks,
provided it moves quickly and delivers high-quality, stakeholder-driven legislation.
