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Morocco’s Central Bank to Unveil Crypto Regulation Bill Soon

Morocco’s Central Bank to Unveil Crypto Regulation Bill Soon – According to reports, Bank Al-Maghrib (BAM) governor Abdellatif Jouahri is working with a committee of the Moroccan central bank to establish an acceptable regulatory framework for cryptocurrencies. The governor also disclosed that his organization has consulted with the World Bank and the International Monetary Fund (IMF) on the benchmarks that will be applied.

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Before Jouhari’s most recent statements, it was revealed in March 2022 that the Moroccan central bank was in discussions with two major financial organizations in addition to the central banks of France, Sweden, and Switzerland. According to the central bank, the discussions at the time were centered on the best methods for regulating cryptocurrency.

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The proposed regulatory framework for cryptocurrencies by BAM, according to a Mapnews report, is anticipated to find a compromise between the need to promote innovation and the welfare of customers.

Jouhari stated that the framework under development will strengthen Morocco’s money laundering and anti-terrorism financing legislation in addition to addressing difficulties with the regulation of cryptocurrencies.

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Morocco’s Central Bank to Unveil Crypto Regulation Bill Soon – Although the central bank has previously acknowledged that Moroccans are likely to adopt cryptocurrencies, BAM has regularly issued warnings about the risks connected with cryptocurrency use, together with the Ministry of Finance and the Moroccan Capital Market Authority.

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