Morocco could see its first cryptocurrency bill introduced “in the coming days.” The document is already drafted by the Central Bank and will be discussed with stakeholders in the sector.
On January 3, during the press conference, the Governor of the Central Bank of Morocco, Bank Al-Maghrib (BAM), Abdellatif Jouahiri, announced a series of discussions between the BAM and market participants. Regulatory bodies will also participate, such as the Moroccan Capital Markets Authority (AMMC), the Insurance and Social Security Supervisory Authority (ACAPS). It will precede the application of the cryptocurrency law.
According to Jouahiri, the BAM collaborated with the International Monetary Fund and the World Bank while working on the document. Previous reports claim that Moroccan officials have also contacted the central banks of France, Sweden and Switzerland to study their regulatory experience with digital assets.
The project will offer a definition of cryptocurrency “adapted to the Moroccan context” and will aim to protect people without limiting innovation. Although the details of the bill have not been revealed, it could hardly be more restrictive than current legislation, which outright prohibits the trading of cryptocurrencies.
In 2022, Morocco became the fastest growing cryptocurrency market in North Africa, rising from 2.4% of the population borrowing digital assets in 2021 to 3.1% a year later. In 2020, Soluna deployed the first blockchain-powered wind farm in Dakhla, the southern and windiest district of Morocco. The energy surplus from this park feeds cryptocurrency mining operations.
A recent report by Chainalysis reveals that the cryptocurrency market in the Middle East and North Africa (MENA) region is the fastest growing in the world. The volume of transactions in the MENA region reveals that users received USD 566 billion in cryptocurrencies in the period from July 2021 to June 2022. This is 48% more than the previous year.
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