It is possible that Morocco will soon introduce its first crypto-law. The paper was originally produced by the Central Bank and is currently being reviewed in detail by industry stakeholders who are interested in the topic.
At the end the month, Abdellatif Jouahiri, Governor of Morocco’s Central Bank, Bank Al-Maghrib, (BAM), announced during the press conference that a series meeting would take place between BAM representatives and the market players.
ACAPS will also include regulatory authorities from Morocco such as the Moroccan Capital Markets Authority and the Insurance Supervisory Authority.
It will occur before any crypto-related laws are ever put into practice.
During the production of the document, BAM worked with the International Monetary Fund as well as the World Bank. This was in coordination with World Bank.
According to reports, Moroccan authorities also reached out to the central banks of France and Sweden to inquire about their competence in regulatory matters related to digital assets. This was done to find out more about the regulatory capabilities in these three countries.
The proposal will provide a definition of crypto that is tailored to Morocco’s circumstances. This definition will attempt to protect individuals while allowing innovation to continue in all its forms.
Although the details of this bill are not public, it’s reasonable to assume that it will include restrictions that are substantially more restrictive than those already required by law. This would make it illegal to trade in cryptocurrency.
The proportion of Moroccans claiming to have digital assets increased from 2.4% to 3.1% between 2021 and 2022. Morocco was the country in Northern Africa where the industry was growing at its fastest pace in 2022.
Chainalysis just published a study that found that the cryptocurrency industry in the Middle East is growing at the fastest pace anywhere. It is evident that between July 2021 to June 2022, 566 billion dollars worth of bitcoin was transferred in the MENA region.