Morocco to present a bill on the cryptographic framework in the coming days

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(Kitco News) – Morocco’s central bank, Bank Al-Maghrib (BAM), has announced that the country’s crypto regulatory framework may be introduced in the coming days.

BAM Governor Abdellatif Jouahiri told reporters at a press conference after the annual meeting of central banks that the crypto bill was complete.

For cryptocurrencies, I can assure you that the project is ready, Jouahiri told local reporters. We worked with the World Bank and the consultant to make it happen. The different chapters are finished. Now we are engaged in discussion with the various stakeholders. It’s long, but necessary to allow everyone to join this project.

Jouahiri said the legislation includes a definition of cryptocurrency adapted to the Moroccan context and aims to protect citizens from the risks associated with crypto without limiting opportunities for innovation.

Crypto has been illegal in Morocco since 2017, but the country still ranked number one in North Africa in 2022 with 3.1% of the population accounting for over 1.1 million people holding cryptocurrencies according to a Dataportal report. .

The central bank announced the start of work on draft crypto regulations in June 2022. In July, the Moroccan Institute for Policy Analysis (MIPA) wrote in an analysis that Morocco was taking a wait-and-see approach to assets and that the government was concerned about the threats that cryptography posed to the economic and monetary sovereignty of the country.

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