It is possible that Morocco will present its first crypto law sometime in the next few days. The document was initially produced by the Central Bank and is currently being reviewed by industry stakeholders who have an interest in the subject.

At the end of the month, during the press conference, the Governor of the Central Bank of Morocco, Bank Al-Maghrib (BAM), Abdellatif Jouahiri, announced that a series of meetings would be held between the BAM and the actors of the market.

In addition, Moroccan regulatory authorities such as the Moroccan Capital Markets Authority (AMMC), the Insurance Supervisory Authority and the Social Security Authority will be among the participants (ACAPS).

It will take place before any laws related to cryptocurrencies come into force.

The BAM collaborated with the International Monetary Fund and the World Bank during the process of preparing the document. This was done in coordination with the World Bank.

Moroccan authorities are also said to have contacted the central banks of France, Sweden and Switzerland to investigate their level of competence in regulatory matters related to digital assets. This was done in an effort to learn more about the regulatory capabilities of these three countries.

The definition of crypto that the proposal will provide will be specific to the circumstances in Morocco. The definition will make an effort to protect people without restricting innovation in any way.

Although the details of the bill have not been made public, it is reasonable to expect that it will contain restrictions that are significantly stricter than those already required by law, making it illegal to engage in cryptocurrency trading.

The proportion of Moroccans who claimed to own digital assets rose from 2.4% in 2021 to 3.1% in 2022, making Morocco the North African country with the fastest expanding industry in 2022.

According to the findings of a study that Chainalysis has just released, the sector of the cryptocurrency industry that is active in the Middle East and North Africa (MENA) region is the one that is expanding at the fastest rate in the entire world. world. the whole world. From the number of transactions that took place in the MENA region between July 2021 and June 2022, it is clear that consumers earned a total of $566 billion worth of bitcoins during that time period.