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Morocco aims to regulate the use of crypto assets without hindering innovation in the crypto ecosystem.
Legal Framework for Crypto Nears Adoption in Morocco
A legislative framework governing crypto assets in Morocco is almost ready for adoption, according to Abdellatif Jouahri, the governor of Morocco’s central bank, Bank Al-Maghrib (BAM). This framework seeks to promote financial innovation while regulating the usage of crypto assets.
The central bank governor shared the key update at the BAM council’s final meeting for 2024 with the crypto regulation aligning with G20 recommendations and addressing the risks linked with crypto assets.
According to the governor, the World Bank and the International Monetary Fund (IMF) provided technical assistance in the development of the framework with a clear aim to balance crypto innovation and a well-regulated financial environment.
“We want to regulate the use of crypto-assets without hindering the innovation that may arise from this ecosystem. We engaged all relevant parties to create this framework. This approach ensures effective adoption and minimizes uncertainties.” Jouahri said.
Morocco hopes to establish itself as one of the first developing nations to provide complete and clear legislation for crypto assets by putting this legal framework into effect.
This program equips the nation to handle the financial and economic difficulties posed by the digitalization of monetary systems. The adoption of the legislative text involves a period of public consultation, followed by parliamentary and cabinet approval.
In 2023, Morocco ranked 13th out of 20 nations with the biggest bitcoin usage, according to a survey by Insider Monkey while a Chainalysis global crypto adoption report in the same year ranked the North African nation 20th in crypto adoption.