Morocco, which banned crypto in 2017, is preparing to make an about-face with a bill aimed at legalizing and regulating all digital assets. This historic decision, announced by the governor of Bank Al-Maghrib, Abdellatif Jouahri, marks a major turning point in the policy of the Shereef kingdom vis-à-vis digital currencies.
Crypto regulation expected in a context of massive adoption
Bank Al-Maghrib, the Moroccan central bank, has prepared a bill regulating crypto assets which is currently being adopted. This initiative comes in a context where Moroccans, despite the 2017 ban, have massively turned to cryptos.
The country currently ranks 24th in the world in terms of crypto transaction volume, demonstrating the ineffectiveness of previous restrictive measures.
The evolution of the position of the Moroccan authorities reflects a pragmatic awareness. Indeed, the ban has not prevented the growing adoption of cryptos, instead pushing users towards peer-to-peer exchanges like Paxful. This situation convinced regulators of the need for a legal framework rather than a repressive approach.
The new regulations are also part of an international dynamic, as Bitcoin reaches historic highs close to $100,000, attracting the attention of institutional and individual investors.
A reform aligned with international standards
The Moroccan project is largely inspired by the European regulation MiCA (Markets in Crypto-Assets), considered a global reference in crypto regulation. This approach demonstrates Morocco's desire to align with international best practices.
At the same time, Bank Al-Maghrib is exploring the possibility of creating its own central bank digital currency (CBDC). According to Abdellatif Jouahri, this initiative aims to promote financial inclusion and modernize the Moroccan financial system. This CBDC project is part of a global trend, as many central banks develop their own digital currencies.
The timing of this regulation appears particularly opportune, coinciding with the upcoming entry into force of the MiCA regulation in Europe, and the development of similar regulatory frameworks in the United Kingdom and other major jurisdictions.
This change in regulatory direction marks a decisive turning point for Morocco, which is moving from a policy of prohibition to an approach of constructive supervision of cryptos. This development could position the kingdom as a regional hub for digital financial innovation, while ensuring investor protection and the stability of the financial system.
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