January 3, 2023

Morocco Ready to Introduce Crypto-Regulating Bill Soon

Crypto in Morocco

Crypto in Morocco

The introduction of the first draft law on crypto in Morocco is likely to be seen in the coming days following remarks made by the governor of Bank Al-Maghrib (BAM) on the readiness of launching a bill regulating the crypto market in the North African country.

In a press conference on Tuesday following the BAM’s fourth annual meeting, Abdellatif Jouahiri announced the holding of a series of talks between the Moroccan central bank and key players in the market ahead of the implementation of the crypto-regulating document.

BAM is expected to hold discussions with the Moroccan Capital Markets Authority (AMMC) and the Insurance Supervisory Authority and Social Security (ACAPS), Jouahiri was quoted by Morocco World News website.

Jouahiri pointed to the central bank’s collaboration with international financial partners like the International Monetary Fund (IMF) and World Bank while working on the document.

“For cryptocurrencies, I can assure you that the project is ready. We worked with the World Bank and the consultant to make it happen. The different chapters are completed. Now we are engaged in the discussion with the different stakeholders. It is long but necessary to allow everyone to adhere to this project,” according to Jouahiri.

Coin Telegraph reported that Morocco was in talks with the central banks of Switzerland, France, and Sweden to get familiarized with their regulatory experience with crypto. The bill details have not been revealed yet, but it will offer a definition for cryptocurrency that is adapted to the Moroccan context.

Trading in cryptocurrencies is currently outlawed in Morocco. However, Morocco became the fastest-growing crypto market in the Middle East and North Africa (MENA) region in 2022 as 3.1% of its population owns digital assets.

According to a report by Chainalysis, the crypto market in MENA is the fastest growing in the world with transactions hitting $566 billion in crypto in the time frame of July 2021 to June 2022, with a 48% increase compared to the previous year.

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