Morocco has completed its Framework for Regulating Cryptocurrencies
Key Points: The first cryptocurrency bill in Morocco could soon be filed “in the coming days.” The Central Bank has already prepared the document and will discuss it with key players in this sector.
BAM collaborated with the World Bank, the International Monetary Fund and other institutions to create the document.
Morocco was the fastest-growing country in Northern Africa for cryptocurrency in 2022. It had a population ownership rate 3.1% in 2022, compared to 2.4% 2021.
The first cryptocurrency bill in Morocco could be presented “in the coming days.” Abdellatif Jouahiri (the governor of Bank Al-Maghrib, the central bank in Morocco), launched a series meetings between the BAM, the central bank of Morocco, and market participants on January 3, during a news conference. The participants in the regulation process are the Moroccan Capital Markets Authority, the Insurance Supervisory Authority and the Social Security (ACAPS). It will be in effect before the crypto law. Jouahiri claims that it was created by the BAM in collaboration with the World Bank, the International Monetary Fund and other financial institutions. According to reports, Moroccan officials reached out to the central banks of France and Sweden to discuss how they regulate digital assets. The draft will define cryptography in a way that is tailored to the Moroccan context and will help to protect people from stifling creativity. Although the bill’s specifics were kept a secret, it is impossible to imagine it being more restricted than the current law, which completely forbids the trade of cryptocurrencies.Morocco had the fastest-growing cryptocurrency market in Northern Africa in 2022, with a population ownership rate of 3.1% in 2022 compared to 2.4% in 2021. Soluna will install the first blockchain-powered windfarm in 2020 in Dakhla in Morocco’s most southern region. The farm’s extra energy powers crypto mining operations. Chainalysis research has shown that the Middle East and North Africa (MENA), region has the fastest-growing cryptocurrency sector in the world. According to transaction volume, $566 billion was earned by MENA users in cryptocurrencies between July 2021 & June 2022. This is a 48% increase over the previous year. We encourage you to do your research before investing.Join us to keep track of news: https://linktr.ee/coincuWebsite: coincu.comHaroldCoincu NewsTags: BAMCentral BankFramework For Regulating Cryptomorocco