The Blockchain Association of Uganda (BAU) awarded the Financial Intelligence Authority (FIA) Uganda with the Excellence in Virtual Assets Research and Policy Framework Award, recognizing the FIA’s outstanding contributions to establishing a secure and forward-thinking regulatory environment for virtual assets in Uganda.
“I am deeply honored on behalf of the FIA to accept this year’s institutional appreciation award from the Blockchain Association of Uganda,” said Sherifah Tumusiime, Senior Systems Officer at FIA Uganda. “This recognition is a testament to our commitment to fostering a secure and transparent financial landscape in Uganda especially as we navigate the evolving landscape of digital assets and blockchain technology.”
In his absenteeism, reflecting on the award, 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,” he said in a press statement. “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.”
FIA was awarded the prestigious award at the Kampala Blockchain Summit which was held at Endrio Coffee Academy in Nakasero on Friday last week. The summit gathered blockchain advocates to discuss the future of blockchain technology, positioning Uganda as a hub for digital innovation in East Africa.
The FIA has been proactive in addressing the challenges and opportunities presented by these emerging technologies. In a panel session “Regulatory Perspectives on Usage of Blockchain Technology,” Ms. Sherifah highlighted FIA’s 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,” said Sherifah during the panel session. “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.”
The authority is currently finalizing a comprehensive risk assessment focused on virtual assets. This critical initiative aims to identify and mitigate vulnerabilities within Uganda’s financial system, reinforcing resilience and stability. This effort is part of FIA’s broader commitment to ensure that the financial sector remains adaptable and secure in digital transformation.
The FIA has established a Virtual Asset Working Group to further strengthen its approach. This group is actively 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. The working group is a cornerstone of FIA’s strategy, balancing the potential of blockchain technology with the need for robust security and regulatory compliance.
Sherifah called on 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 added, “Through collaboration and adherence to regulations, we can ensure that Ugandans participate safely in this emerging space.”
FIA has expressed deep gratitude to the Blockchain Association of Uganda, acknowledging the importance of this partnership. The authority remains committed to deepening this collaboration, ensuring Uganda leads in innovation within a secure and compliant framework.
Barigye noted that the FIA will continue its work, and its focus will remain on balancing innovation with security, ensuring that Uganda can benefit from blockchain’s potential without compromising on safety.
As Uganda continues to embrace blockchain technology, the FIA Uganda remains focused on refining its regulatory frameworks to support innovation while safeguarding against financial risks.
