Business Technology

Morocco’s central bank finalises crypto regulations.

In the following days, the Kingdom of Morocco may see the introduction of its first crypto law. The Central Bank has already drafted the document, which will be discussed with the relevant players in the market.

In “the following days,” the Kingdom of Morocco may see the introduction of its first crypto law. The Central Bank has already drafted the document, which will be discussed with the relevant players in the market.

During a news conference on January 3, 2019, Abdellatif Jouahiri, Governor of Morocco’s Central Bank, Bank Al-Maghrib (BAM), announced a series of meetings between the BAM and the market participants. There will also be representatives from regulatory bodies like the Moroccan Capital Markets Authority (AMMC) and the Insurance Supervisory Authority and Social Security (ACAPS). It will happen before the crypto law goes into effect.

Jouahiri claims that the BAM worked with the IMF and the WB to create the document. To learn from their regulatory experience with digital assets, Moroccan officials reportedly approached the central banks of France, Sweden, and Switzerland.

The draught will provide an “adapted to Moroccan context” definition of crypto to protect persons without stifling innovation. The bill’s specifics have been kept under wraps, but it’s hard to imagine it being any more restricted than the law, which makes all cryptocurrency trading illegal.

Soluna built the world’s first blockchain-powered wind farm in Dakhla, Morocco’s southern and windiest area, in 2020. The farm’s surplus energy fuels the cryptocurrency mining operations. From 2.4% of its population owning digital assets in 2021 to 3.1% in 2022, Morocco grew at the quickest rate of any Northern African country, making it the region’s leading crypto market in 2022.

According to the latest report from Chainalysis, the MENA area is home to the world’s fastest-growing cryptocurrency market. The MENA area saw $566 billion worth of crypto transactions between July 2021 and June 2022. Compared to last year, this is an increase of 48%.

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