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The proposed legislation provides a specific definition for cryptocurrency in the Moroccan context and seeks to protect individuals from the risks associated with crypto trading.
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The proposed legislation for the regulation of the cryptocurrency market in Morocco is ready and will be presented to key stakeholders in the coming days. This was announced by the Governor of Morocco’s Central Bank, also known as Bank Al-Maghrib (BAM), on Tuesday.
Speaking at a press conference, the bank Governor Abdellatif Jouahiri explained that the Moroccan central bank will soon initiate a series of discussions with various players within the ecosystem prior to implementing the crypto-regulating document.
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Some stakeholders that will be engaged before the implementation of the regulation includes the Moroccan Capital Markets Authority (AMMC) and the Insurance Supervisory Authority, and Social Security (ACAPS)
Jouhari, in discussing the BAM’s process of drafting the document said, “For cryptocurrencies, I can assure you that the project is ready. We worked with the World Bank and the consultant to make it happen. The different chapters are completed. Now we are engaged in the discussion with the different stakeholders. It is long, but necessary to allow everyone to adhere to this project”.
In early 2022, BAM consulted with both the International Monetary Fund (IMF) and the World Bank’s to get their perspectives on what would be considered crypto regulation best practices. In addition, the central bank was also reported to have created a council that oversaw regulations governing both cryptos and central bank digital currencies.