Morocco Drafts Crypto Law to Protect Investors and Foster Innovation

• Morocco is drafting a new cryptocurrency bill to protect crypto investors and put regulations in place.
• The Central Bank and key stakeholders have completed writing the document and will soon have a discussion to determine the regulatory framework.
• Abdellatif Jouahiri, the governor of Bank Al-Maghrib, recently stated that the project is ready and they are now engaging in discussions with different stakeholders.

The Moroccan government has recently announced the drafting of a new crypto law that is aimed at safeguarding crypto investors from the risks of the nascent industry. This will be the country’s first cryptocurrency bill and is expected to be introduced in the coming days.

The regulatory framework will be presented to stakeholders soon, as there is an undeniable need for regulations in the industry due to the increasing popularity of cryptocurrencies in the country. The Central Bank of Morocco, Bank Al-Maghrib (BAM), has completed writing the document and is now in the process of engaging in discussions with key stakeholders in the crypto sector. Among the stakeholders are the Moroccan Capital Markets Authority (AMMC), the Insurance Supervisory Authority (ISA) and the American Council on Pension and Social Security (ACAPS).

Abdellatif Jouahiri, the governor of BAM, recently held a press conference wherein he stated that the project is ready and that they are now engaging in discussions with different stakeholders. He further remarked that: “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.”

Once these discussions are complete, the new regulatory framework will be put into effect before the passage of the crypto law. The bill is expected to bring much-needed clarity to the industry and protect investors from the risks associated with it. It also aims to encourage innovation within the sector and create a more favorable environment for startups.

The Moroccan government has recognized the potential of the blockchain technology and cryptocurrencies, and they are taking the necessary steps to ensure that the industry is regulated in the most efficient way possible. With the new regulatory framework, investors in the country will be able to invest in the crypto space with much more confidence and assurance.