The Bank Al-Maghrib expects stakeholders to overview the bill "in the following days."
The Bank Al-Maghrib, the central bank of the Kingdom of Morocco, has reportedly finished creating a crypto regulatory framework.
According to the news report shared by Morocco World News, the crypto bill is expected to be presented to various stakeholders “in the following days.”
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The news was initially revealed by the Governor of Morocco’s Central Bank, Bank Al-Maghrib (BAM), Abdellatif Jouahiri, during a dedicated press conference.
In the press conference, Jouahiri stated that the central bank is set to start a series of discussions with various companies operating in the crypto ecosystem.
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.
Nevertheless, the governor stated that the crypto bill will be passed only after the central bank completes discussing the matter with crypto industry representatives and regulators, like the Moroccan Capital Markets Authority (AMMC), the Insurance Supervisory Authority and Social Security (ACAPS).
It is worth noting that based on the reports shared in June 2022, Moroccan officials have contacted the central banks of Sweden, France and Switzerland to investigate their experiences and methods used to regulate crypto-related activities.
The governor noted that the new draft legislation will provide a definition of cryptocurrencies, which will be adopted to “the Moroccan context.” Moreover, Abdellatif Jouahiri claimed that the regulatory framework does not aim to “constrain innovation” but hopes to protect investors from “risks associated with dealing in the highly-speculative market.”
Morocco is one of the fastest-growing crypto markets in Northern Africa. According to the data shared by triple A, it is estimated that around 2.4% or 0.9 million Moroccans currently own cryptocurrency.
