Morocco finalized crypto regulatory framework: Central Bank

[ad_1]

The Kingdom of Morocco could see its first crypto bill introduced in the following days. The document is already drafted by the Central Bank and will be discussed with the players in the sector.

On January 3, during the press conference, the Governor of Morocco’s Central Bank, Bank Al-Maghrib (BAM), Abdellatif Jouahiri announced a series of discussions between BAM and market participants. Regulators, such as the Moroccan Capital Markets Authority (AMMC), the Insurance and Social Security Supervisory Authority (ACAPS), will also participate. It will precede the implementation of the crypto law.

According to Jouahiri, BAM collaborated with the International Monetary Fund and the World Bank while working on the document. Earlier reports claim that Moroccan officials have also contacted the central banks of France, Sweden and Switzerland to study their experience in regulating digital assets.

The project will propose a definition of crypto, adapted to the Moroccan context, and will aim to protect individuals without constraining innovation. Although the details of the bill have not been revealed, it could hardly be more restrictive than current legislation, which completely bans crypto trading.

In 2022, Morocco became the fastest growing crypto market in North Africa, growing from 2.4% of the population owning digital assets in 2021 to 3.1% a year later. In 2020, Soluna deployed the first blockchain-powered wind farm in Dakhla, the southern and windiest district of Morocco. Excess energy from this farm powers crypto-mining operations.

Related: Crypto Making History in 2022: Five Instances of Governments Embracing Digital Assets

A recent report by Chainalysis reveals that the crypto market in the Middle East and North Africa (MENA) region is the fastest growing in the world. Transaction volume in the MENA region reveals that users received $566 billion in crypto between July 2021 and June 2022. This is 48% more than the previous year.

[ad_2]