Morocco Finalises Crypto Laws, Framework With World Bank and IMF Suggestions, Central Bank Says

The laws are said to have been formed in alignment with Morocco’s existing financial systems.

Written by Radhika Parashar, Edited by David Delima | Updated: 3 January 2023 18:43 IST

Morocco Finalises Crypto Laws, Framework With World Bank and IMF Suggestions, Central Bank Says

Photo Credit: Pixabay/ CryptoStock

Morocco is estimated to have over 1 million crypto holders

Highlights

The country is among the fastest growing crypto markets in Africa
Details about Morocco’s crypto laws are yet to be revealed
Moroccan central bank is discussing the laws with stakeholders

Morocco could see the introduction of a set of new laws designed to govern and oversee the crypto sector in the North African nation in the coming days. Abdellatif Jouahiri, the governor of Bank Al-Maghrib (BAM) reportedly said that the Moroccan central bank has already finalised the formulated laws. The financial authorities of Morocco worked with members of the World Bank and the International Monetary Fund to prepare these laws, Jouahiri said.

The laws have been formed in alignment with Morocco's existing financial systems. While details of the legislation are yet to be revealed, the central bank governor did say that the rules are expected to promote a safe crypto ecosystem, than to restrict the experimentation, according to a Morocco World News report.

The Moroccan central bank will now hold dialogue with companies and members of its crypto ecosystem, as part of its roadmap for gradually framing the crypto sector in the legal framework.

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“For cryptocurrencies, I can assure you that the project is ready. 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 Morocco World News [quoted] Jouahiri as saying on Tuesday.

The central bank will also open discussions regarding the laws with the Moroccan Capital Markets Authority (AMMC), the Insurance Supervisory Authority and Social Security (ACAPS).

Out of Morocco's estimated population of 38 million, crypto assets are reportedly owned by over a million people in the country.

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It is only natural that the government of Morocco is working to regularise the virtual digital assets (VDA) sector.

In the last year, the nation emerged as the fastest-growing crypto market in Northern Africa. The crypto industry has seen a tremendous growth in the African financial market.

According to the IMF, Kenya, Nigeria, and South Africa have the highest number of crypto users in the region.

Back in November last year, the IMF advised all crypto-friendly African nations to implement tighter regulations around the digital assets sector. At the time, the IMF had noted that regulating a highly volatile and decentralised system remains a challenge.

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Further reading: Cryptocurrency, Crypto Legislation, Morocco, World Bank, IMF

Radhika Parashar

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Radhika Parashar is a senior correspondent for Gadgets 360. She has been reporting on tech and telecom for the last three years now and will be focussing on writing about all things crypto. Besides this, she is a major sitcom nerd and often replies in Chandler Bing and Michael Scott references. For tips or queries you could reach out to her at RadhikaP@ndtv.com. More