Morocco Contemplates Cryptocurrency Legislation: Safeguarding Investors and Embracing Global Standards

Monday 25 December 2023 - 09:50

Morocco is on the verge of a significant regulatory breakthrough in the realm of crypto assets, as it works on a new bill aligning with recommendations from the latest G20 Summit. Governor Abdellatif Jouahri of Bank Al-Maghrib (BAM), the central bank of the Kingdom, unveiled this progressive development at a press briefing held in Rabat last Tuesday.

Jouahri highlighted the primary objective of the upcoming legislation, emphasizing the need to align Moroccan regulations with international standards governing crypto assets. The envisioned approach involves a meticulous framework aimed at safeguarding investors and ensuring the unwavering stability of the nation's financial system.

In the final quarterly meeting of the BAM Board for 2023, Jouahri shared significant strides made by BAM in the launch of the National Currency of the Central Bank (MNBC). A dedicated working group, in collaboration with technical experts and the International Monetary Fund (IMF), has been committed to this ambitious project.

Jouahri discussed a recent report under analysis by BAM, examining potential applications of the MNBC. This assessment primarily focuses on leveraging the currency's power to promote financial inclusion, a crucial goal for developing nations. Embracing the MNBC provides Morocco with an opportunity to enhance traceability, reduce transaction costs, and expedite processing times, thereby revolutionizing the financial landscape with innovation.

As Morocco delves into the regulation of crypto assets, the nation is setting a course that safeguards investor interests while adhering to global standards established by the international community. Through careful planning and collaboration with esteemed institutions, Morocco aims to solidify its position as a leader in the digital financial realm, ensuring a prosperous future for its citizens and the stability of its economy.