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Reading: Morocco’s central bank finalises crypto regulations
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Morocco’s central bank finalises crypto regulations

The Kingdom of Morocco could enact its first crypto legislation in "the following days." The paper, which will be discussed with the pertine...

Chima Joseph Ugo
Chima Joseph Ugo - Editor-in-chief January 03, 2023
Updated January 3, 2023 at 12:01 PM
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Morocco’s central bank finalises crypto regulations
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Morocco’s central bank finalises crypto regulations

The Kingdom of Morocco could enact its first crypto legislation in "the following days." The paper, which will be discussed with the pertinent market participants, has already been written by the Central Bank.

The governor of Morocco's central bank, Bank Al-Maghrib (BAM), Abdellatif Jouahiri, announced a series of meetings between the BAM and market players during a press conference on January 3, 2019. Representatives of governing agencies such as the Moroccan Capital Markets Authority (AMMC), the Insurance Supervisory Authority, and the Social Security Administration will also be present (ACAPS). It will take place prior to the implementation of the crypto legislation.

According to Jouahiri, the BAM collaborated on the paper with the IMF and the WB. Moroccan officials allegedly contacted the central banks of France, Sweden, and Switzerland to get knowledge from their regulatory experience with digital assets.

To safeguard people without restricting innovation, the draught will offer a definition of cryptography "tailored to the Moroccan environment." The measure's contents are unknown, but it is difficult to see it being much more restrictive than the current one, which forbids trading in cryptocurrencies altogether.

In 2020, Soluna constructed the first blockchain-powered wind farm in Dakhla, Morocco's windiest and southern region. The cryptocurrency mining operations are powered by the farm's extra electricity. Morocco saw the fastest growth in digital asset ownership among the nations of Northern Africa, going from 2.4% in 2021 to 3.1% in 2022, making it the region's top crypto market at the time.

The world's fastest-growing cryptocurrency market is located in the MENA region, according to the most recent research from Chainalysis. Between July 2021 and June 2022, there was $566 billion worth of cryptocurrency transactions in the MENA region. This is a 48% increase over the previous year.

Tags: Business, Cryptocurrency

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