• Morocco is preparing to release a crypto regulatory bill in the near future.
• This bill was worked on in collaboration with the International Monetary Fund and the World Bank.
• Discussions with the Moroccan Capital Markets Authority (AMMC) and the Insurance Supervisory Authority and Social Security (ACAPS) are ongoing.
The Governor of Moroccan Central Bank, Bank Al-Maghrib (BAM), Abdellatif Jouahiri, recently announced that the country is on the brink of releasing its crypto regulatory bill. This bill is the product of collaboration between BAM, the International Monetary Fund, and the World Bank.
The Governor noted that the project was “ready”, and that the different chapters of the bill had been completed. He added, though, that the bill was still being discussed with different stakeholders, which was an important step in allowing everyone to adhere to the project.
To map out the details of the bill and ensure its success, BAM is currently in talks with Morocco’s capital market and insurance watchdogs. These watchdogs include the Moroccan Capital Markets Authority (AMMC) and the Insurance Supervisory Authority and Social Security (ACAPS). Both of these organisations have a significant influence on the financial sector in Morocco, so their input is crucial to the success of this project.
For many in Morocco, the introduction of this bill is a huge step towards the adoption of cryptocurrencies and blockchain technology. This could help to modernize the financial infrastructure of the country, as well as create more opportunities for businesses and individuals.
It remains to be seen when exactly the bill will be released, but the Governor’s optimistic outlook suggests that the wait won’t be too long. Regardless, the bill promises to be a major milestone for the country’s financial sector, and could open the door to further advancements in the space.