By
Bena Ilyas
April 22nd, 2024
For finalizing the bill, BAM collaborated with the International Monetary Fund and the World Bank.
After a series of numerous discussions, Morocco is ready for introducing its crypto regulatory bill. According to the Governor of Moroccan Central Bank, Bank Al-Maghrib (BAM), Abdellatif Jouahiri, the country might see the release of the final crypto bill “in the following days.”
Abdellatif Jouahiri stated:
“For cryptocurrencies, I can assure you that the project is ready. 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.”
For finalizing the bill, BAM collaborated with the International Monetary Fund and the World Bank. Currently, it is in talks with Morocco’s capital market and insurance watchdogs, which are the Moroccan Capital Markets Authority (AMMC) and the Insurance Supervisory Authority and Social Security (ACAPS).
Abdellatif Jouahiri added:
“Discussions are to be held with all stakeholders, including the Moroccan Capital Markets Authority (AMMC) and the Insurance and Social Security Supervisory Authority (ACAPS),” said the BAM Chief. We proceeded to a specific definition of the cryptocurrency and prepared a general public survey that details the specifics and use of this virtual currency in Morocco.”
The Kingdom of Morocco started working on crypto regulation in the summer of 2022. In June, it was the first time Morocco’s central bank announced its intention to establish a regulatory framework for the crypto market. At that time, BAM’s governor Abdellatif Jouahri said that the institution engaged with the International Monetary Fund (IMF) and the World Bank on specific benchmarks. While the Ministry of Finance and the Moroccan Capital Market Authority repeatedly warned of the risks associated with the use of cryptocurrencies, Morocco keeps growing in terms of crypto users number. It is now becoming the fastest-growing crypto market in Northern Africa.
Moroccan Situation: Status of Crypto
Until 2017, the Moroccan government did not acknowledge the existence of crypto assets. However, with the rapid growth of Bitcoin (BTC), the authorities decided to impose a ban on cryptocurrency transactions. Currently, there is no way for Moroccans to acquire Bitcoin or any other cryptocurrency. This is because there is no cryptocurrency exchange in Morocco due to the ban and the lack of entrepreneurial ventures in this area. But even with the ban, the ownership of cryptocurrencies is steadily increasing in Morocco.
In 2022, Morocco became the fastest-growing crypto market in Northern Africa. It saw growth from 2.4% of the population owing digital assets in 2021 to 3.1% a year later. The number of people owning cryptocurrencies in Morocco reached 1.15 million people in 2022, generating an $8,612 GDP per capita.
As a result of this growth, the Moroccan government realized there is a need for a proper crypto bill. We might see the regulatory framework in the upcoming days, which will give clear guidance on dealing with crypto for Moroccans.