Morocco central bank finalizes crypto regulations

The nation of Morocco will be witnessing the introduction of its first crypto regulations bill within a few days. Its Central Bank has drafted the document and will be placing it up for discussion among the leading stakeholders of the thriving crypto industry.

Morocco Crypto Regulations Bill

The possibility of crypto regulations was confirmed as an upcoming series of discussions between the central bank and the key market players were fixed last month. Abdellatif Jouahiri, the Governor of Bank Al-Maghrib, Morocco’s Central Bank, affirmed this through a press conference announcement. The other participants in this discussion will include the nation’s financial market regulators Moroccan Capital Markets Authority(AMMC), and ACAPS(Moroccan Supervisory Authority of Insurance and Social Welfare). The discussion meeting will precede the implementation and enforcement of the new crypto legislation bill. 

Also Read: 5 Important Crypto Regulatory Developments in 2023

World Bank and IMF Collaboration

As per the Governor, the BAM cooperated with the World Bank and IMF while drafting the documents. Previous reports also documented Moroccan officers interacting with the central banks of Sweden, France, and Switzerland- analyzing the challenges they faced while implementing crypto asset regulation.

Also Read: A Review on Crypto Markets 2022

Improvement Over Existing Laws

The proposed draft is aimed to safeguard the individual investor’s interest without stifling innovation, in addition to offering a definition of digital assets. While the exact details of the new bill are unclear, it is a drastic improvement from the current laws, which prohibit crypto transactions altogether.

Morocco became the leading North African nation in terms of rising crypto adoption in 2022. It saw an ascent from 2.4% to 3.1% in the population with crypto assets ownership across the country. The nation has also integrated blockchain-powered wind farming in the windiest district Dakhla. Thereafter,  the energy is in use for crypto mining. 

Conclusion

The MENA region is currently recording the highest growth in crypto adoption worldwide as per recent Chainalysis reports. Transaction volumes spike by 48% in the MENA region. Thereafter, with users receiving $566 billion worth of crypto assets within a year, starting from July 2021. The recent crypto regulation laws will provide a standardized framework for crypto enterprises while boosting investor confidence across Morocco.