Central Bank of Morocco finalized crypto regulatory framework <br><br><br>

crypto framework for Morocco

Central Bank of Morocco finalized crypto regulatory framework

The Central Bank of Morocco,  Bank Al-Maghrib (BAM), made an announcement that citizens of morocco will be introduced to their first crypto bill  “in the following days.”  The document, which has already been prepared by the Central bank, will be further discussed with the stakeholders.

The Governor of Morocco’s Central Bank, Abdellatif Jouahiri shared a series of discussions among the market participants and BAM. In the same development, regulatory institutions such as the Insurance Supervisory Authority and Social Security (ACAPS) and the Moroccan Capital Markets Authority (AMMC) will participate, and this will take forward the implementation of the crypto law.

While creating the document, the Central Bank of Morocco collaborated with the World Bank and with the International Monetary Fund. previous reports state that the officials of Morocco had communicated with the Central Banks of other nations like France, Switzerland, and Sweden to study their experiences on the regulatory framework of the digital asset. 

The document will mention the definition of crypto, “adapted to Moroccan context,” and the objective to focus on innovation without risking the protection of individuals. Details of the draft are yet to be revealed. However, they shouldn’t be as stringent as the current legislation that completely outlaws the crypto trade.

In Northern Africa, in 2022, Morrocco gained the status of the fastest-growing crypto market. The population owning digital assets gained from 2.4% to 3.1% of its total population in a year. In the southernmost windy district of Morocco, Dakhla, Soluna installed the first blockchain-powered wind farm to give excess energy of the farm to crypto mining operations.

According to Peak blockchain analysts, the Middle East and North African regions are the fastest-growing crypto market in the world.

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