The Central Bank of Morocco is set to submit the country’s first cryptocurrency bill in the coming days. According to a report, a draft law governing the cryptocurrency market in Morocco is complete and will be delivered to the market’s various stakeholders in the coming days.
Abdellatif Jouahiri, the governor of Bank Al-Maghrib (BAM), the central bank of Morocco, announced a series of meetings between the BAM and the market participants during the press conference. Participants in the regulation process include the Moroccan Capital Markets Authority (AMMC), the Insurance Supervisory Authority, and the Social Security (ACAPS).
Jouahiri stated:
“For cryptocurrencies, I can assure you that the project is ready, the BAM chief said in a statement reported by Moroccan news outlet 360. 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.”
The governor stated that the proposed legislation provides a definition of cryptocurrency tailored to Moroccan culture and that its purpose is to protect citizens from the risks associated with trading in the highly speculative market rather than stifle innovation.
Morocco currently prohibits cryptocurrency trading. It wasn’t until the government declared a nationwide ban on trading and owning cryptocurrencies in 2017 that the country’s market watchdogs acknowledged the existence of digital assets.
These actions suggested that the BAM was preparing for the possibility of more Moroccans adopting cryptocurrency.
According to the report, the Moroccan central bank believed that a regulatory structure was required because residents would eventually accept cryptocurrencies.
If you would like to read more news articles like this, visit DeFi Planet and follow us on Twitter, LinkedIn, Facebook, and Instagram.
“Take control of your crypto portfolio with MARKETS PRO, DeFi Planet’s suite of analytics tools.”
