The first cryptocurrency bill in Morocco could be introduced in the next few days. According to the governor of the country’s Central Bank, the Bank has already written the document, which will be discussed with key players in the sector before it is officially introduced.
Abdellatif Jouahiri, the governor of Bank Al-Maghrib (BAM), the central bank of Morocco, launched meetings between the BAM and the market participants at the beginning of the year during a news conference. Participants in the regulation process will include the Moroccan Capital Markets Authority (AMMC), the Insurance Supervisory Authority, and the Social Security (ACAPS). The law, once agreed upon, will go into effect before the crypto law.
Jouahiri has stated that the BAM worked in conjunction with the World Bank and the International Monetary Fund to draw up the crypto document. According to reports, Moroccan officials also worked with the central banks of France, Sweden, and Switzerland to learn more about how they have handled the regulation of cryptocurrencies and digital assets.
The document will provide a definition of cryptocurrencies and innovation in the industry that is tailored to the Moroccan context. This is in order to protect users and industry players while keeping innovation open; while the bill’s details have not been made public, the current legsilation outlaws the trade of cryptocurrency entirely, so it’s likely that the new regulation will open the industry.
Morocco’s growing crypto market
Over the last year, Morocco has experienced the fastest-growing cryptocurrency market in Northern Africa. In 2022, there has been an increase of ownership from 2.4% to 3.1% in the total population. According to research, the region is part of the fastest-growing sector in the world, as part of the Middle East and North Africa area. According to volume, there has been an increase of almost 50%, a whopping uptick since the previous year.