After banning the use of cryptocurrencies in the country, Morocco is now working on a new regulatory framework that is more favorable to crypto.
The Central Bank of Morocco is working on a bill with which they intend Regulate cryptocurrencies and the crypto sectorAccording to Abdellatif Jouahri, governor of the central bank, the bill could be approved and introduced soon.
The new regulatory framework being worked on will also mean an update of the current Moroccan regulations on money laundering and terrorist financing.
Abdellatif Jouahri said that a committee of the Central Bank is currently working on the preparation of this regulatory framework that is appropriate for the correct treatment of cryptocurrenciesThe governor also revealed that his institution has been in contact with the International Monetary Fund (IMF) and the World Bank regarding the benchmarks to be used.
Although the governor's statements have made official the work of the committee for crypto regulation, The Moroccan government has been working on it since March 2022.At the time, some media reported that the Central Bank of Morocco had been in contact with some global financial institutions, as well as with the Central Banks of France, Sweden and Switzerland, for the creation of this regulatory framework.
At that time, the idea was to find out what would be the best practices for regulating the crypto sector.
The Moroccan government is expected to take a more conservative approach. balanced between the need to implement innovations in the financial sector, and consumer protection.
Abdellatif Jouahri also explained that the new regulatory framework they are developing will also improve the country's current regulations on money laundering and terrorist financing.
With this new regulatory framework, the Moroccan authorities have expressed their intention to Implement cryptocurrencies in the country's financial and social systemHowever, the Central Bank of Morocco, the Ministry of Finance and the Moroccan Capital Market Authority have repeatedly warned of the risks involved in using cryptocurrencies.
Although the kingdom has banned the use of cryptocurrencies, both for personal use and in institutions, Morocco leads the use of Bitcoin and other cryptocurrencies in North Africa, with 2,4% adoption, only for behind Saudi Arabia.
The new regulatory framework proposed by Morocco would offer a new perspective to the use of crypto in the country, since for now, Moroccans who use cryptocurrencies do so illegally.
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