Morocco’s central bank announces draft crypto law

The governor of Bank Al-Maghrib (BAM), Abdellatif Jouahiri, told the media a Moroccan draft crypto law that aims to shield people from the risks associated with cryptocurrency trading is ready.

Jouhari, in an interview, spoke about the BAM’s process for creating the document and the upcoming conversations with other authorities; he said he is confident that the project is ready for cryptocurrency because BAM collaborated with consultants and the World Bank to make it happen. 

He added that the various chapters of the draft are ready, and BAM is currently having conversations with multiple stakeholders so that everyone will understand and work with the project. 

Some of the stakeholders expected to deliberate on the possibility of implementation of the draft are the Moroccan Capital Markets Authority (AMMC), the Insurance Supervisory Authority, and Social Security (ACAPS).

Morocco has been hard on crypto 

In Morocco, cryptocurrency trading is currently prohibited. Market regulators in the nation only acknowledged the existence of digital assets in 2017, when a statewide ban on trading and keeping cryptocurrencies was issued.

However, the restrictions did little to quell consumer demand as cryptocurrency ownership continued to expand steadily, with Morocco being the region in Northern Africa with the most significant growth rate. According to the most recent data, 1.5 million people will own crypto in the nation by 2022.

The core technology behind cryptocurrency, blockchain, appears to flourish despite the frightening trends occurring worldwide, even though the crypto bears are still in control and biting hard. 

The cryptocurrency has grown from a $5.94 billion market in 2021 to a $10.13 billion market in 2022 due to increased demand from numerous industries, including the banking industry.