Stay up to date with the CriptoTendencia WhatsApp channel: Instant news about Bitcoin, Altcoins, DeFi, NFT, Blockchain and Metaverse. Subscribe!
The Governor of Bank Al-Maghrib (BAM), Abdellatif Jouahri, confirmed that Morocco is about to adopt a new legal framework to regulate the use of cryptoassets. This development seeks to consolidate the country as a pioneer in Cryptocurrency regulation, prioritizing both security and financial innovation.
A balanced approach
In a recent press conference, after BAM’s last 2024 meeting, Jouahri explained that the framework aims to regulate cryptoassets without hindering the innovative opportunities offered by this ecosystem. The proposal, which follows the most recent G20 recommendations, also focuses on mitigating the economic and financial risks associated with these digital assets.
The development of this regulation has had the technical collaboration of international institutions such as the International Monetary Fund (IMF) and the World Bank. According to the governor, its design reflects a careful balance between creating a regulated environment and promoting technological advances. “We have involved all relevant parties to ensure effective adoption and minimize uncertainties,” Jouahri said.
More Read
Economic potential and global positioning
With this initiative, Morocco seeks to establish itself as one of the first developing countries with clear and complete regulation in the field of cryptoassets. Such a move will not only boost confidence in the sector but also enable the country to meet the challenges of an increasingly digitalized economy.
Morocco’s interest in cryptocurrencies is not new. According to a 2023 study, Morocco ranks as the 13th country with the highest Bitcoin usage globally, while a Chainalysis report places the country at 20th in its global cryptocurrency index. This growing adoption underscores the importance of establishing a robust regulatory framework.
Furthermore, the regulation will not only have an impact on the crypto sector. Jouahri highlighted that work is also being done on the secondary market for non-performing loans. A recent securitization operation of 400 million Moroccan dirhams (40 million dollars) demonstrated the potential of this market to improve the soundness of banks, contributing to the stability of the national economy.
Consultation and approval process
The legal text, now in its final phase of development, will first go through a public consultation process to collect opinions from all sectors involved. Subsequently, it will be presented for approval by the Moroccan government and parliament. This inclusive approach ensures transparency and facilitates a smooth transition to a new regulatory model.
With each step, Morocco demonstrates its commitment to being a benchmark in the regulation of cryptoassets, combining financial progress and strategic control. This move is not only promising for the local industry, but also reinforces Morocco’s position in the global cryptocurrency landscape.
Related
Crypto Keynote USA
For the Latest Crypto News, Follow ©KeynoteUSA on Twitter Or Google News.
