Morocco All Set With Proposed Bill on Cryptocurrency Regulations

• The central bank will consult with the Moroccan Capital Markets Authority.
• In early 2022, the BAM had consulted the IMF and the World Bank for advice.

The governor of Morocco’s central bank, also known as Bank Al-Maghrib (BAM), Abdellatif Jouahiri, has said that the country’s proposed bill on cryptocurrency is complete and would soon be given to interested parties. Jouahiri, purportedly speaking at a news conference. Stressed that the proposed law’s goal is to safeguard investors from the dangers of cryptocurrency trading and investment.

Jouharo also spoke regarding the BAM’s process of preparing the paper and upcoming talks with other authorities.

Jouharo stated:

“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.”

Preparing For Upcoming Crypto Adoption

According to Morocco World News, the central bank will consult with the Moroccan Capital Markets Authority (AMMC). And the Insurance Supervisory Authority, and Social Security (ACAPS) before beginning to execute the new legislation. 

In early 2022, the BAM had consulted the IMF and the World Bank for advice on what constitutes best practices in crypto regulation. The central bank was also said to have established a committee to manage crypto and central bank digital currency regulation.

The BAM looked to be getting ready for a future when a larger percentage of Moroccans started using cryptocurrencies by adopting these measures. According to the same report, the Moroccan central bank saw cryptocurrency adoption by locals as inevitable and, as a result, saw the need for a regulated framework.