• Bank Al-Maghrib (BAM), the Moroccan central bank, has completed a draft crypto law to protect individuals from the risks associated with crypto trading.
• The law is now ready and will soon be presented to interested stakeholders, such as the Moroccan Capital Markets Authority (AMMC) and the Insurance Supervisory Authority, and Social Security (ACAPS).
• BAM previously sought the International Monetary Fund (IMF) and the World Bank’s perspectives on what would be considered crypto regulation best practices.
Morocco’s central bank, Bank Al-Maghrib (BAM), has completed the draft of a crypto law that seeks to protect individuals from the risks associated with crypto trading. This was revealed by the bank’s governor, Abdellatif Jouahiri, who announced during a press conference that the law is now ready and will soon be presented to stakeholders.
The governor of the Moroccan central bank went on to add that the adoption of cryptocurrencies by Moroccan residents is now inevitable, which is why a regulatory framework is needed. In this regard, the BAM is expected to engage with the Moroccan Capital Markets Authority (AMMC), the Insurance Supervisory Authority, and Social Security (ACAPS), among other interested parties, before taking steps to implement the proposed law.
In order to ensure the law is comprehensive, the BAM sought the perspectives of the International Monetary Fund (IMF) and the World Bank on what would be considered best practices in crypto regulation. The two institutions provided their insight on the matter, and this information was used to inform the law’s provisions.
The Moroccan draft crypto law is a significant move for the country, as it is the first of its kind in the region. Other countries in the Middle East have also been looking into regulating cryptocurrencies, but Morocco is the first to have a concrete plan of action. The country’s government has also been supportive of the move, and has welcomed the initiative to come up with a regulatory framework that will protect citizens while allowing them to participate in the crypto industry.
The completion of the draft crypto law is a major milestone for Morocco, and the country’s central bank is now one step closer to putting it into effect. With the law ready, it is now up to the BAM to hold discussions with the stakeholders, after which the law can be officially adopted. Once this is done, Morocco will become the first country in the Middle East to have a comprehensive regulatory framework in place for cryptocurrencies.