“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.

See also: Private sector players in technology and finance stepped up to form the Blockchain Association of Uganda

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The Blockchain Association of Uganda was born out of necessity. In 2017, a group of forward-thinking technology and finance professionals in the private sector recognized the rapid growth of blockchain globally but noticed that local awareness and understanding of the technology were severely lacking in Uganda. Therefore, they came together to create a collective voice for Uganda’s blockchain sector, aiming to guide its development, advocate for necessary regulations, and foster public understanding.

“Players primarily in technology and finance came together to guide the blockchain industry in Uganda,” Kwame Rugunda, the Founding Chairman of the Blockchain Association of Uganda, said in a video call during the Kampala Blockchain Summit. “We saw it happening elsewhere in the world —but in Uganda, we didn’t have a framework to guide its development and so the players in the private sector decided to come together and created the Blockchain Association of Uganda.”

One of the association’s primary missions has been to address Uganda’s knowledge gap concerning blockchain. It is because of the knowledge gap scams entered the market and it was very difficult for many Ugandans to distinguish blockchain’s distinctions from cryptocurrency and scams.

The blockchain scams were problematic.

“The rise of fraudulent schemes around 2018-2019 saw many Ugandans fall victim to these blockchain scams due to a lack of knowledge, blurring the line between legitimate blockchain applications and deceptive practices,” said Rugunda.

To counter this, Rugunda said the association initiated several campaigns to clarify blockchain’s functionalities and potential. “We spent most of the time educating and informing both the public and entities mandated by law (i.e. Bank of Uganda, the Capital Markets Authority, the Financial Intelligence Authority, and the Police) with decision making,” he said.

By engaging these critical stakeholders, the association worked to create a well-informed regulatory environment that encourages safe blockchain adoption.

Rugunda noted that the association has made significant strides which include fostering collaboration within the blockchain industry. “Collaboration is the association’s major milestone,” he said. “We identified ecosystem players in Uganda and the East African region.”

Within Uganda, the BAU has collaborated with various professional bodies such as Startup Uganda, the Information Communication Technology Association of Uganda (ICTAU), and the Institute of Certified Public Accountants of Uganda (ICPAU), to mention but a few. This cross-sector collaboration has facilitated knowledge sharing, allowing professionals from different industries to understand blockchain’s value within their fields.

Regionally, the BAU has partnered with blockchain associations in Kenya, Rwanda, Tanzania, and even West Africa (in Nigeria). These collaborations harmonized blockchain development efforts across borders, enabling the East African region to grow as a unified blockchain-friendly community.

Under the leadership of a dynamic new team led by Reginald Tumusiime; the chairman of the association, assisted by Edline Murung, the Blockchain Association of Uganda has been restructured to reflect a modern, versatile approach to digital transformation. With members specializing in finance, law, technology, and other fields, the team brings diverse expertise to the association, fostering a comprehensive ecosystem that nurtures innovation and best practices.

“This team of young dynamic minds is now the helm of the association,” said Rugunda.

To further cement the association’s role as a guiding force, BAU has sought the assistance of consulting firms to refine its operational and governance structures. This restructuring has empowered the association to engage effectively with regulatory bodies and navigate emerging blockchain adoption challenges.

In future directions, BAU will be set on expanding its influence and impact by enhancing regulatory frameworks, promoting safe blockchain practices, and fostering deeper collaborations across the private and public sectors. By addressing the remaining knowledge gaps and regulatory needs, the Blockchain Association of Uganda is poised to position the country as a leader in blockchain adoption within Africa.

The Blockchain Association of Uganda continues to drive the country’s blockchain narrative, fostering a safe and informed environment for digital innovation. With its dedicated team, extensive collaborations, and commitment to bridging knowledge gaps, the BAU has become a beacon of progress for blockchain development in Uganda. As the association progresses, Uganda stands well-positioned to reap the economic and social benefits of blockchain, securing a prosperous digital future for its people.

See also: Blockchain Association of Uganda launches the 2nd edition of the blockchain innovation program

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The first cohort of the blockchain innovation program was a collaborative effort led by the BSV Blockchain Association and local partner Capital Survey, which jointly brought together 50 promising young entrepreneurs from across East Africa. The 10-week program provided them with tools and knowledge to create blockchain-based solutions tailored to real-world challenges.

The core mission of the program was twofold: to introduce participants to blockchain technology and equip them with essential business skills. Through a mix of online learning sessions, hands-on meetups, and a hackathon, the 50 participants received a comprehensive education. The hackathon, in particular, proved to be a highlight, where participants pitched their ideas in a competitive setting —which saw LOWA emerge as the winning project —because of its innovative savings and investment platform leveraging blockchain to reduce transaction costs. Aimed at retail investors in Uganda’s capital markets, LOWA empowers micro-investing in government securities, equities, and real estate, all made possible by blockchain’s cost efficiencies.

The success of the first program demonstrated the potential of blockchain as a tool for economic empowerment. Notably, the blockchain landscape in East Africa saw a transformative initiative with the first cohort of the blockchain innovation program.

With a strong reception and significant interest generated, plans for the second cohort are already underway, promising an even larger and more impactful experience. The BSV Blockchain Association and its partners are committed to involving the private and public sectors, enabling more exposure and career opportunities for all participants, not just the winners.

The second blockchain innovation program will foster a vibrant blockchain ecosystem in East Africa, creating pathways for developers and entrepreneurs.

“The second edition of the blockchain innovation program is bigger and better,” said Edline Murungi, Vice President of the Blockchain Association of Uganda. “We call entrepreneurs, developers, and innovators to apply. She added, “If you have someone who you know who could be interested, please let them know.”

Beyond technical training, participants will receive guidance on business fundamentals such as company valuation, capital raising, and market entry strategies. By providing this holistic education, the program will ensure that young entrepreneurs can bring their ideas from concept to market—a crucial step in creating sustainable businesses that could drive local employment and economic growth.

The blockchain innovation program signals an exciting future for blockchain in East Africa —positioning the region as a hub for tech-driven solutions that address local challenges. By bridging the gap between technology and entrepreneurship, the blockchain innovation program is not only shaping the next generation of innovators but also laying the groundwork for a more connected and technologically adept economy.

Criteria to apply for the program;

• Foundational skills in data structures.
• Proficiency in programming languages such as Java, C++, Python, and JavaScript.
• Experience with building tech-centric solutions to real-world challenges.

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Reginald Tumusiime, the Chairman of the Blockchain Association of Uganda said the summit is training focused on real-world applications, regulatory frameworks, and academic engagement.

The summit will bring together Uganda’s and Africa’s foremost blockchain advocates, policymakers, and business leaders to discuss insightful sessions on regulatory perspectives, technological applications, and blockchain’s role in Africa’s economic and technological future.

The Kampala Blockchain Summit builds on the progress and dialogue established during the influential 2019 Africa Blockchain Conference. Following in the footsteps of the conference—which brought together leaders like the President of Uganda H.E. Yoweri Kaguta Museveni, and the Governor of the Central Bank of Uganda; the Late Emmanuel Tumusiime-Mutebile —this year’s summit continues the momentum, featuring a keynote address by the Deputy Governor of the Central Bank of Uganda; Dr. Michael Atingi-Ego.

Keynote speakers and industry insights

This year’s summit will spotlight industry insights from prominent figures across sectors including Olivier Fines; Global Head of Advocacy and Policy Research at the CFA Institute EMEA, and Thomas Giacomo; Director of Utilisation for BSV Blockchain, both of whom bring international perspectives on blockchain’s impact on finance and policy. Local and regional leaders, such as Josephine Okui of the Capital Markets Authority and Fred Percy Kisa of the National Social Security Fund, will also share their expertise, reflecting Uganda’s collaborative approach to technology adoption.

The summit’s panel discussions promise to shed light on the regulatory, enterprise, and academic landscapes. In particular;

1. Regulatory Perspectives on Blockchain

Panelists, including Josephine Okui Ossiya (CEO of the Capital Markets Authority) and Cyrus Barigye (Director of ICT Systems and Security at the Financial Intelligence Authority), will explore how to align blockchain initiatives with Uganda’s regulatory frameworks.

2. Role of Academia and Development Finance

This session, featuring Dr. Dorothy Okello, Dean of Makerere University’s School of Engineering, and Fred Percy Kisa from NSSF Uganda, will discuss academia’s contribution to blockchain research and development finance’s role in enhancing adoption rates.

The discussions are geared towards understanding how regulatory guidance, academic research, and financial institutions can drive blockchain’s responsible adoption across Uganda.

Real-world blockchain applications on display

Reflecting the Blockchain Association of Uganda’s commitment to practical blockchain applications, the summit will showcase several projects that illustrate blockchain’s real-world utility;

• In the agriculture sector, blockchain will be presented as a solution for tracking coffee supply chains, providing transparency and traceability from farm to consumer.
• In finance, innovations in payments and asset tokenization will demonstrate how blockchain is revolutionizing transactions and investments in real estate and other asset classes.

With an emphasis on community-building, the Kampala Blockchain Summit will offer ample networking opportunities, connecting regulators, innovators, academics, and industry stakeholders. This environment aims to facilitate knowledge sharing, build partnerships, and foster collaborations that will support Uganda’s journey into the Fourth Industrial Revolution.

“Working with the Bank of Uganda, Capital Markets Authority, and other government entities has allowed us to bring blockchain technology closer to the mainstream,” said Tumusiime. “We envision this summit as a catalyst for increased engagement and adoption.”

Since the inception of the Blockchain Association of Uganda in 2018, the association has been instrumental in establishing Uganda as a regional hub for blockchain and emerging technologies. Under the recent leadership of Reginald Tumusiime, the Blockchain Association of Uganda has grown into a collaborative entity, partnering with key regulatory bodies such as the Financial Intelligence Authority and the Bank of Uganda.

Tumusiime envisions an expansion of the Blockchain Association of Uganda’s mandate, transitioning into an “emerging technologies association” that supports innovations beyond blockchain, including big data, artificial intelligence (AI), and robotics. “Our growth will be driven by the stakeholders we work with, and we aim to provide a platform for innovators to scale their ideas,” he said.

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