Cryptocurrency will be legally defined by the bill, which should enter public discussion within the next few days.
In the coming days, Morocco may see the introduction of its first crypto bill. The document has already been written by the Central Bank, and it will be discussed with industry stakeholders.
During a press conference last month, the Governor of the Moroccan Central Bank, Bank Al-Maghrib (BAM), Abdellatif Jouahiri, announced a series of discussions between the BAM and market participants. The Moroccan Capital Markets Authority (AMMC), the Insurance Supervisory Authority, and the Social Security Authority (ACAPS) will also participate. It will take place before the crypto law is implemented.
As part of the development of the document, the BAM collaborated with the World Bank and the International Monetary Fund. According to previous reports, Moroccan officials also contacted the central banks of France, Sweden, and Switzerland to learn about their regulatory experiences with digital assets.
The draught will provide a definition of crypto that is “adapted to the Moroccan context,” with the goal of protecting individuals while not stifling innovation. Although the bill’s details have not been revealed, it could not be more restrictive than the current legislation, which outlaws cryptocurrency trading entirely.
Morocco became the fastest-growing crypto market in Northern Africa in 2022, with 2.4% of the population owning digital assets in 2021 rising to 3.1% the following year. Soluna will build the first blockchain-powered wind farm in Dakhla, Morocco’s most windy region, in 2020. This farm’s excess energy powers the crypto-mining operations.
According to a recent Chainalysis report, the cryptocurrency market in the Middle East and North Africa (MENA) region is the fastest growing in the world. Users in the MENA region received $566 billion in cryptocurrency from July 2021 to June 2022, according to transaction volume. This is a 48% increase over the previous year.