Morocco Advancing Crypto Regulation After 2017 Ban

Nov. 26, 2024. 1 min. read.

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Morocco is moving forward with a draft law to regulate crypto assets, signaling a shift in its approach after banning cryptocurrencies in 2017 due to concerns over money laundering and terrorist financing.

Abdellatif Jouahri, governor of the central bank, Bank Al Maghrib, announced that the proposed regulation aims to balance innovation with consumer protection while addressing the misuse of digital currencies. Despite the 2017 ban, underground cryptocurrency usage has persisted in Morocco, reflecting growing interest among the public.

Jouahri emphasized the importance of fostering a secure and innovative environment, stating that the regulation will align with Morocco’s broader engagement in digital finance. Additionally, Bank Al Maghrib is exploring the potential for a central bank digital currency (CBDC). “Like many countries around the world, we are exploring to what extent this new form of currency could contribute to achieving certain public policy objectives, particularly in terms of financial inclusion,” he said.

The global interest in CBDCs has surged, with 134 countries now studying their implementation, up from 35 in 2020. Digital currencies are increasingly seen as tools for modernizing payment systems and enhancing financial inclusion for underserved populations.

The proposed Moroccan crypto law underscores the country’s cautious yet progressive stance toward digital assets. While it does not plan to adopt Bitcoin or other cryptocurrencies as legal tender, the draft legislation aims to create a regulatory framework that encourages innovation while safeguarding economic and consumer interests.

This development highlights Morocco’s growing recognition of the transformative potential of digital assets in a technologically evolving financial landscape, marking a significant step in balancing regulation and opportunity.

Source: Source: Moroccan Crypto Law Moving Forward After 2017 Ban

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