According to Abdellatif Jouahri, Governor of Bank Al-Maghrib, the draft crypto law for Morocco is ready and will soon be presented to stakeholders. This law aims to protect people from the risks associated with cryptocurrency trading.
It is increasingly certain that Moroccan citizens will use cryptocurrencies, and therefore a regulatory framework is needed
Bank Al-Maghrib will hold talks with the authorities supervising capital and insurance markets.
The country’s draft law on cryptocurrencies is now complete, according to Abdellatif Jouahri, governor of Morocco’s central bank, known as Bank Al-Maghrib (BAM), and will soon be distributed to interested parties.
According to reports from a news briefing, El-Gawahry insisted that the bill aims to protect people from the risks associated with investing in cryptocurrencies.
According to a report by Morocco World News, the Central Bank is expected to consult with various parties before proceeding with the implementation of the proposed law. These parties include the Moroccan Authority for Capital Markets (AMMC), and the Supervisory Authority for Insurance and Social Security (ACAPS).
“We are now engaged in discussion with various stakeholders,” Johari was quoted as saying, referring to BAM’s process for preparing the paper as well as expected meetings with other authorities.
Early in 2022, it was reported that BAM Bank sought input from the World Bank and the International Monetary Fund (IMF) on what would be considered best practices for regulating cryptocurrencies.
Bank Al-Maghrib seems to be preparing for a scenario in which more Moroccans rely on cryptocurrency by taking these measures.
In fact, as revealed by the same research, the Central Bank of Morocco believed that the regulatory framework was necessary because the local population would inevitably adopt cryptocurrencies.