Morocco has developed system for regulating cryptocurrencies

01/03/2023

1 minute read

2023.01.03 09:27

Budrigannews.com – “In the following days,” the first crypto bill could be introduced in Morocco. The Central Bank has already drafted the document, which will be discussed with industry stakeholders.

Abdellatif Jouahiri, Governor of Morocco’s Central Bank, Bank Al-Maghrib (BAM), announced a series of discussions with market participants at the press conference on January 3. Participation will also include regulators like the Social Security (ACAPS), the Insurance Supervisory Authority, and the Moroccan Capital Markets Authority (AMMC). It will occur prior to the crypto law’s implementation.

Jouahiri claims that the BAM worked on the document alongside the World Bank and the International Monetary Fund. Prior reports guarantee that Moroccan authorities likewise reached the national banks of France, Sweden and Switzerland to concentrate on their administrative involvement in advanced resources.

The draft intends to provide a cryptographic definition that is “adapted to the Moroccan context” and aims to safeguard individuals without limiting innovation. Even though the specifics of the bill weren’t made public, it could hardly be more restrictive than the current law, which makes trading in cryptocurrencies illegal.

By the year 2022, 3.1% of the population owned digital assets, making Morocco the fastest-growing cryptocurrency market in Northern Africa. The first blockchain-powered wind farm was put into operation in 2020 by Soluna in Dakhla, Morocco’s most windy southern district. The crypto mining operations are powered by the farm’s excess energy.

According to a recent Chainalysis report, the cryptocurrency market in the Middle East and North Africa (MENA) region is the world’s fastest-growing. Exchange volume in the MENA area uncovers clients got $566 billion in crypto in the time span of July 2021 to June 2022. This is 48% higher than last year.

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