3 months ago 1 min read

Framework for Regulating Cryptocurrency was Finished in Morocco

mena-acaps-ammc-bam-abdellatif jouahiri-morocco

The Central Bank has already written the bill, which will be discussed with major participants in the industry, and it may be presented "in the next days."

On January 3, during a press conference, Abdellatif Jouahiri, the governor of Bank Al-Maghrib (BAM), the country of Morocco's central bank, began a series of meetings between the BAM and the market participants. The Moroccan Capital Markets Authority (AMMC), the Insurance Supervisory Authority, and the Social Security Administration are participants in the regulation process (ACAPS). The crypto law will not take effect until after it.

According to Jouahiri, the BAM contributed to the document.

According to Jouahiri, the BAM collaborated on this text with the World Bank and the International Monetary Fund. Officials from Morocco reportedly also contacted the central banks of France, Sweden, and Switzerland to find out more about how those countries oversee digital assets.

In order to protect people without inhibiting innovation, the proposal will offer a definition of cryptography that is "adapted to the Moroccan setting." The details of the measure were kept under wraps, although it is difficult to see it being much more restricted than the current legislation, which outright prohibits the trading of cryptocurrency.

Morocco, with a population ownership rate of 3.1% in 2022 compared to 2.4% in 2021, had the fastest-growing cryptocurrency market in Northern Africa in 2022. In 2020, Soluna will build Morocco's first blockchain-powered wind farm in Dakhla, the country's windiest and southernmost location. The farm's excess electricity is used to fuel the cryptocurrency mining operations.

The Middle East and North Africa (MENA) region boasts the world's fastest-growing cryptocurrency market, according to recent analysis from Chainalysis. According to transaction statistics, users in the MENA region received $566 billion in cryptocurrency between July 2021 and June 2022. This is a 48% rise from the previous year.

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