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Morocco’s recent move to draft cryptocurrency regulations marks a significant shift from its prior stance, indicating a more favorable outlook towards digital assets.
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The underground usage of cryptocurrencies within the country underscores an urgent need for a clear and effective regulatory framework.
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As part of a broader trend, global regulatory environments are evolving, with countries like the UK also seeking to implement comprehensive crypto regulations by 2026.
Morocco advances plans to regulate cryptocurrencies, shifting from a ban to a structured framework amidst global regulatory trends and increasing digital asset adoption.
Morocco’s Crypto Regulations are Already In the Works
According to a Reuters report, the central bank, Bank Al-Maghrib, has spearheaded the drafting of this regulatory framework. The legislation aims to provide clarity on crypto asset management and ensure compliance with international standards.
The central bank is also reportedly exploring options to develop a central bank digital currency (CBDC). This exploration aligns with the global shift towards CBDCs, which many countries see as a means to stay competitive in an increasingly digital economy.
Following this news, there has been positive enthusiasm across the crypto community. Morocco has historically been one of the harshest critics of digital assets in the region.
“Morocco will unban crypto, which was banned in 2017. Now, the country plans to fully legalize cryptocurrencies. Next will be China unban. Giga bullish for crypto as more and more countries are adopting Bitcoin & crypto,” popular influencer Ash Crypto wrote on X (formerly Twitter).