Morocco Prepares to Implement Crypto Asset Regulations to Foster Innovation
Legal Framework for Crypto on the Horizon in Morocco
The Moroccan central bank, Bank Al-Maghrib (BAM), is on the verge of finalizing a legislative framework that will govern the use of crypto assets in the country. This framework is designed to encourage financial innovation while also ensuring the responsible and regulated use of crypto assets.
During the final meeting of the BAM council in 2024, Governor Abdellatif Jouahri revealed that the upcoming crypto regulation in Morocco is in alignment with recommendations from the G20 and aims to address the potential risks associated with crypto assets.
Jouahri also noted that the World Bank and the International Monetary Fund (IMF) have provided technical assistance in the development of this framework, emphasizing the importance of striking a balance between fostering crypto innovation and maintaining a secure financial environment.
“Our goal is to create a regulatory framework for crypto assets that allows for innovation to flourish while also ensuring a level of oversight to mitigate risks. We have collaborated with various stakeholders to ensure that this framework is comprehensive and effective.”
By implementing this legal framework, Morocco is positioning itself as a pioneer among developing nations in providing clear and comprehensive regulations for crypto assets. This initiative is essential for addressing the challenges and opportunities presented by the digitalization of monetary systems.
The process of adopting the legislative text will involve a period of public consultation, followed by approval from both the parliament and the cabinet.
In a survey conducted by Insider Monkey in 2023, Morocco was ranked 13th out of 20 countries with the highest bitcoin usage. Additionally, a Chainalysis global crypto adoption report from the same year ranked Morocco 20th in terms of crypto adoption.