Morocco's central bank has formulated draft regulations for the cryptocurrency sector, as announced by its governor, Abdellatif Jouahri, on Tuesday. Although Jouahri did not elaborate on the specifics of these regulations in his speech, he mentioned that the country, which initially prohibited cryptocurrencies in 2017, is now taking steps to establish a regulatory framework. In collaboration with various stakeholders and supported by the World Bank, Bank Al-Maghrib has prepared a draft law governing crypto assets, which is currently undergoing the adoption process.
Jouahri stated, "Bank Al-Maghrib, with the participation of all stakeholders and the support of the World Bank, has prepared a draft law regulating cryptoassets, which is currently in the adoption process," during an international conference in Rabat. Additionally, Morocco is exploring the potential of central bank digital currencies to achieve policy objectives such as financial inclusion.
The country initiated its central bank digital currency project three years ago, but Jouahri did not provide further details on this endeavor. According to him, this is a long-term effort that must consider the national socioeconomic context, regional and international developments, as well as the impact on central bank missions, including monetary policy and financial stability.
Many African countries are working to establish regulations for the cryptocurrency sector, similar to those in Western countries. For instance, South Africa introduced a licensing regime for companies last year, while Nigeria has been focusing on an enforcement-based approach, as seen in its handling of the Binance exchange and compliance chief Tigran Gambaryan.