Morocco may see its first crypto bill introduced “in the following days.” The document is already written by the Central Bank and will be discussed with the industry stakeholders.
On January 3, Barnk Al-Maghrib (BAM) Abdellatif Jouahiri, Governor of the Central Bank of Morocco, announced a series of talks between BAM and market participants during a press conference. Regulatory authorities such as the Moroccan Capital Markets Authority (AMMO), the Insurance Regulatory Authority and the Social Security Authority (ACAPS) will also participate. It will precede the implementation of encryption laws.
According to Jouahiri, BAM worked with the IMF and the World Bank to develop the document. According to previous reports, Moroccan officials also contacted the central banks of France, Sweden and Switzerland to study their regulatory experiences with digital assets.
The draft would include a definition of crypto “adapted to the Moroccan context” that aims to protect individuals without restricting innovation. Although details of the draft law have not been disclosed, it could hardly be more restrictive than the current legislation, which outright bans cryptocurrency trading.
Morocco Increasing in Digital Assets Transactions and Mining Operations
In 2022, Morocco became the fastest growing cryptocurrency market in North Africa, with the population owning digital assets increasing from 2.4% in 2021 to 3.1% a year later. In 2020, Soluna built the first blockchain-powered wind farm in Dakhla, the windiest region in southern Morocco. The surplus energy of this farm powers crypto mining operations.
A recent report by Chainalysis revealed that the cryptocurrency market in the Middle East and North Africa (MENA) region is the fastest growing in the world. Volumes in the MENA region show users received $566 billion in cryptocurrencies over the period July 2021-June 2022. That’s an increase of 48% over the previous year.