A Moroccan draft crypto law, which seeks to protect individuals from the risks associated with crypto trading, is ready and will soon be presented to stakeholders, Abdellatif Jouahiri, the governor of Bank Al-Maghrib (BAM), has said. Adoption of crypto by Moroccan residents is now inevitable hence a regulatory framework is needed.
BAM to Hold Discussions With the Capital and Insurance Market Regulators
According to Abdellatif Jouahiri, the governor of the Moroccan central bank also known as Bank Al-Maghrib (BAM), the country’s draft law on crypto is now ready, and will soon be presented to interested parties. In his comments reportedly made during a press conference, Jouahiri insisted the draft law seeks to protect individuals from risks that come with crypto investing.
As per a report by Morocco World News, the Moroccan Capital Markets Authority (AMMC) and the Insurance Supervisory Authority, and Social Security (ACAPS) are some of the stakeholders the central bank is expected to engage before taking steps to implement the proposed law.
Commenting on the BAM’s journey in drafting the document as well as the planned discussions with other regulators, Jouhari reportedly said:
For cryptocurrencies, I can assure you that the project is ready. We worked with the World Bank and the consultant to make it happen. The different chapters are completed. Now we are engaged in the discussion with the different stakeholders. It is long, but necessary to allow everyone to adhere to this project.
As reported by Bitcoin.com News in early 2022, the BAM sought both the International Monetary Fund (IMF) and the World Bank’s perspectives on what would be considered crypto regulation best practices. In addition, the central bank was also reported to have created a council that oversaw regulations governing both cryptos and central bank digital currencies.
By taking these steps, the BAM appeared to be preparing for a scenario where more Moroccans embraced crypto. In fact, as suggested by the same report, the Moroccan central bank believed the adoption of cryptocurrency by local residents was inevitable therefore a regulatory framework was needed.
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Terence Zimwara
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